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Net revenues for the Internet giant were USD225 million for the quarter ending 30 June, a 24 percent increase over the USD182.2 million the firm reported in the same period last year. The Santa Clara-based Web portal reported second quarter earnings per share of USD0.03, compared with a net loss of USD0.09 per share for the same period last year. Wednesday's figures beat Wall Street's consensus of USD0.02 per share.
During trading prior to the announcement, Yahoo's shares fell USD0.51 to USD12.19, but rebounded to USD12.72 after the announcement in after-hours trading.
In a statement, Terry Semel, Yahoo's chairman and chief executive, said that the company had focused on achieving its strategic goals and business plan during the quarter and that he was pleased with the results, in the context of the overall economic environment.
The firm also said the increase in revenues is largely attributable to its job advertising and paid listing services. The job advertising revenues come mainly from its acquisition of the Hotjobs jobs portal late last year, for USD436 million in stock and cash. Yahoo has also realised revenues by charging for postings on Yahoo Personals, its on-line dating service, as well as on its other listings-based services.
In other financial details, Yahoo said, advertising accounted for 60 percent of revenues at USD135.7 million, a four percent decrease from the same period last year. The company attributed the decrease to a reduction in revenues from dot-coms, but claimed that the decrease had been offset by an increase in revenues from other commercial customers.
The company has also continued to abandon money-losing businesses to bolster its finances. Yahoo abandoned most of its European auctions business in late May and struck a marketing agreement with rival eBay Inc., the top Internet auctioneer, to promote its site. It has also shut down its broadband-based financial channel, Yahoo FinanceVision and Yahoo Radio, which broadcast traditional radio stations on the Web.
In a statement, Yahoo's chief financial officer, Susan Decker, said that she was pleased with Yahoo's evolution to a more robust and sustainable business model.
Looking forward, the firm said that it expects revenues for the third quarter 2002 to be between USD225 million and USD250 million, and to be between USD900 million and USD940 million for the full year 2002.
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