Yahoo Beats Earnings Expectations
UPDATED: Shares were rising in the after-hours session as the online company posts a profit of 35 cents a share, a dime better than Wall Street expected.
Yahoo shares were rising 4 percent during after-hours trading on Monday once the online giant reported earnings and revenue that beat the expectations of analysts.
In Yahoo's first quarterly report since hiring Marissa Mayer as its CEO, the company posted a 2 percent rise in revenue to $1.1 billion and earnings, after certain items, of 35 cents a share, up from 21 cents a year ago.
Analysts expected only 25 cents per share and about $100 million less in revenue.
If proceeds from the sale of Alibaba shares are included, Yahoo's net income in the third quarter soared to $3.2 billion from $298 million a year earlier.
Shares of Yahoo were down seven cents to $15.77 during the regular session but were advancing as much as 70 cents after the closing bell.
Mayer, who joined Yahoo during the quarter after spending 13 years with Google, said her priority at Yahoo is to "make the world's daily habits inspiring and entertaining."
Mayer told analysts during a conference call Monday that she has had respect for Yahoo since she "discovered it in 1994 as a Stanford student," and she acknowldedged the many changes in personnel since she became CEO.
"In Yahoo Fantasy Sports, I would draft this exact group as my dream team," Mayer said of her current group of top executives.