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Yahoo beats third-quarter profit forecast

Published 18/10/2016

Yahoo's third-quarter profits beat expectations
Yahoo's third-quarter profits beat expectations

US internet group Yahoo has reported third-quarter net profit of 162.8 million dollars (£132.4 million).

The California-based company - which last month revealed hackers had broken into at least 500 million user accounts - said it had net income of 17 cents per share. Earnings, adjusted for one-time gains and costs, were 20 cents per share.

The results topped Wall Street expectations.

The average estimate of 11 analysts surveyed by Zacks Investment Research was for earnings of 14 cents per share.

The group posted revenue of 1.31 billion dollars (£1.07 billion) in the period.

After subtracting Yahoo's advertising commissions, revenue was 857.7 million dollars (£697.8 million), falling short of Wall Street forecasts. Eight analysts surveyed by Zacks expected 860.9 million dollars (£700 million).

For the current quarter ending in December, Yahoo said it expects revenue in the range of 880 million to 920 million dollars (£715 million to £748 million). Analysts surveyed by Zacks had expected revenue of 938 million dollars (£763 million).

The company expects full-year revenue in the range of 3.44 billion to 3.48 billion dollars (£2.8 billion to £2.83 billion).

Yahoo shares have increased 25% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 5%.

In the final minutes of trading on Tuesday, shares hit 41.68 dollars (£34), a climb of 24% in the last 12 months.

AP

Press Association

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