Net income soars 113% to $396m
Yahoo! has reported revenues of $1.60bn for the third quarter ended September 30 2010, a marginal increase of 2% as compared to $1.58bn in the third quarter of 2009.
The operating income for the quarter was $189m, a growth of 107% as compared to $91m in the same quarter of the prior year.
The company reported net income of $396.1m for the third quarter of 2010, an increase of 113% compared to $186m in the third quarter of 2009.
Net income per diluted share for the quarter was $0.29 as compared to $0.13 for the year ago quarter.
Yahoo! CEO Carol Bartz said the company delivered a solid quarter with good display advertising revenue growth, big gains in operating income, and margins that were double what they were last year.
"Because we recognise the tremendous value of our assets, we also dramatically stepped up our stock repurchases," Bartz said.
"We’ve now bought back more than 7% of the company’s stock this year alone"
The company said that it expects GAAP revenue for the fourth quarter of 2010 to be in the range of $1.4bn to $1.53bn.