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Yahoo announces good 3Q results
Internet portal Yahoo has been boosted by better-than-expected third quarter results.Shares in the firm increased by ten per cent after it announced that revenues had risen by 12 per cent to $1.77 billion.
Marketing services revenues were $1.5 billion for the three-month period, which is 13 per cent more than the $1.4 billion for the same period in 2006. Gross profits for the quarter were $1.03 billion, a 14 per cent increase on 2006.
Jerry Yang, the company's co-founder who was recently installed as chief executive, said: "Over the past three months, we conducted a thorough review of our business and the marketplace.
"We've made key strategic decisions to invest in and grow our large communities of users, advertisers, and publishers. We've also made progress in sharpening our focus and improving our execution."
He also said that Yahoo is aiming to be the "must buy" for advertisers, as it looks to eat into Google's share of the Internet Advertising market.
When Yang took over as chief executive four months ago Yahoo was struggling, but these results could indicate that it is getting back on track.
"Things certainly seem to be moving in the right direction," Rob Sanderson of American Technology Research told the Associated Press. "Now the question is can they string a few quarters like this in a row?"
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Yahoo! News posted on 17 October 2007
