YAHOO’S quarterly earnings came in well above expectations yesterday, in the first set of results since ex-Google executive Marissa Mayer took the helm at the troubled technology firm in July.
Yahoo posted net income of $177m (£111m) in the third quarter, excluding a $2.8bn one-off gain from the sale of half its stake in Chinese e-commerce group Alibaba. This is up one per cent on last year.
This rise was driven by a two per cent increase in net revenues, which rose from $1.07bn in the third quarter of 2011 to $1.09bn in the same period this year.
The results pleased investors, who drove the share price up around three per cent to $16.23 last night in after-hours trading.
And the results also satisfied the new boss, the firm’s fifth within four years. “Yahoo had a solid third quarter,” said Mayer, who went on to promise a drive focusing on quality in order to create value for “advertisers, partners and shareholders”.
Analysts expect Mayer’s strategy will be centred on technology, and away from the media focus seen in the past.