YAHOO’S shares shot up 4.5 per cent in after hours trading yesterday after the technology giant reported fourth quarter net revenue of $1.22bn (£777m).
The figure was up four per cent year-on-year, as an increase in search advertising revenue offset weakness in the web portal’s display ad business.
Stocks rose to $21.22 after the bell, following the company’s quarterly announcement of $272.3m net income, or 23 cents per share, versus $295.6m, or 24 cents per share, in the same period a year ago.
Excluding certain items, Yahoo said it had earnings per share of 32 cents, versus the average analyst expectation of 28 cents. It said search revenue had increased four per cent to $482m in the fourth quarter, while display advertising revenue fell by three per cent to $591m.
Chief executive Marissa Mayer (pictured) is moving to revive Yahoo’s fortunes after several years of declining revenue. Yahoo’s stock has risen roughly 30 per cent since she became chief executive last July.
City A.M. Reporter