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Yahoo profits up 244%, revenue down 12%
Yahoo joined the ranks of other major tech companies that turned a profit in the recent quarter after reporting better-than-expected earnings. The search company posted a net income of $186 million or $.13 per share, which is up 244% from the year-ago quarter's $54 million, and excluding some expenses net income was $213 million or $.15 a share.
Yahoo's surge in profit comes after some major budget trimming, and despite the company's handsome bottom line, its revenue is still falling. Yahoo recorded revenue of $1.6 billion in the third quarter, down 12% year-over-year, and excluding traffic acquisition costs revenue was $1.1 billion.
Looking ahead, it is expecting gross sales to hit some $1.6 to $1.7 billion in the current quarter, and it is preparing a $100 million-plus marketing campaign. The company also agreed to a lengthy search and advertising deal Microsoft over the summer, which will put Bing on Yahoo's websites, and that is expected to rollout sometime next year.
Yahoo's surge in profit comes after some major budget trimming, and despite the company's handsome bottom line, its revenue is still falling. Yahoo recorded revenue of $1.6 billion in the third quarter, down 12% year-over-year, and excluding traffic acquisition costs revenue was $1.1 billion.
Looking ahead, it is expecting gross sales to hit some $1.6 to $1.7 billion in the current quarter, and it is preparing a $100 million-plus marketing campaign. The company also agreed to a lengthy search and advertising deal Microsoft over the summer, which will put Bing on Yahoo's websites, and that is expected to rollout sometime next year.
