Yahoo Q3 revenue, profit slip

Reuters News
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Posted: Oct 18, 2011 4:29 PM
Yahoo Q3 revenue, profit slip

SAN FRANCISCO (Reuters) - Yahoo Inc's net revenue and profit slipped in the third quarter, as the Internet company struggled to revive its online advertising business.

Yahoo shares were up roughly 3 percent at $15.98 in after hours trading on Tuesday.

Profit in Yahoo's third-quarter, the last quarter under Chief Executive Carol Bartz, who was fired in September, totaled $293 million, or 23 cents per share. In the year-ago period, Yahoo posted net income of $396 million, or $29 per share.

It was not immediately clear whether Yahoo's third-quarter EPS was comparable with the 17 cents a share expected by analysts polled by Thomson Reuters I/B/E/S.

Yahoo's net revenue -- which excludes fees paid to partner websites -- was $1.07 billion, compared with $1.12 billion at this time last year, and in line with Wall Street expectations.

Looking ahead, Yahoo projected fourth-quarter net revenue of $1.125 billion to $1.235 billion, compared with $1.22 billion expected by analysts.

Yahoo, which has appointed Finance Chief Tim Morse as interim CEO, has retained investment banking firm Allen & Co to help it conduct a "strategic review" of its business.

(Reporting by Alexei Oreskovic; editing by Andre Grenon)