Yahoo reports on-track earnings in third quarter

Summary:The company has matched analyst expectations in its latest results, following a bumpy quarter that saw the departure of chief executive Carol Bartz

Despite some upheaval following the sudden departure of former chief executive Carol Bartz and the resurrection of Microsoft buy-out rumors, Yahoo managed to deliver some good news for the third quarter of 2011 on Tuesday.

Yahoo reported third-quarter net earnings of $293m (£185m), or 23 cents a share (statement). Non-GAAP earnings were 21 cents a share on revenue excluding traffic acquisition costs of $1.072bn — a five-percent decrease from the third quarter of 2010. Wall Street analysts were looking for earnings of 17 cents a share on revenue of $1.07bn.

Chief financial officer and interim CEO Tim Morse summed up the quarter in a statement: "We're pleased that revenue, operating income and EPS were all above consensus this quarter."

Former Yahoo boss Carol Bartz left her post in September.

For more on this ZDNet UK-selected story, see Yahoo's outlook raised; delivers sliver of good news on ZDNet.com.


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Topics: Tech Industry

About

Rachel King is a staff writer for CBS Interactive based in San Francisco, covering business and enterprise technology for ZDNet, CNET and SmartPlanet. She has previously worked for The Business Insider, FastCompany.com, CNN's San Francisco bureau and the U.S. Department of State. Rachel has also written for MainStreet.com, Irish Americ... Full Bio

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