|
Yahoo! Big first quarter!
|
 |
April 8, 1998: 5:57 p.m. ET
Web directory reports income of 8 cents a share, double expectations
|
NEW YORK (CNNfn) - Internet search directory Yahoo! Inc. Wednesday reported first-quarter earnings of $4.28 million, or 8 cents a diluted share, double Wall Street expectations of 4 cents.
The announcement marks the fifth consecutive quarter the Santa Clara, Calif., company has reported a profit.
The company's first-quarter revenues totaled $30.2 million, triple the $10 million brought in a year ago when Yahoo! lost $740,000, or 2 cents a diluted share.
Yahoo! shares (YHOO) ended the day up 4 to 97-1/4. Following the announcement, shares shot up to 102 in after-hours trading.
Yahoo! President and Chief Executive Officer Tim Koogle said the company continued to experience strong growth in user traffic and registered members during the quarter.
"From the beginning, our intent has been to create the only place in the world that anyone would have to go to find and get connected to anything or anybody.
"Having executed on this over time, Yahoo! has proven to be a powerful distribution platform for a wide range of content, merchants, communication and community services partners," he said.
Yahoo! has been one of the darlings of Wall Street over the past 12 months, as it has been one of the few Internet-related companies to turn a profit. In the past year, Yahoo! shares have traded as low as 16-5/8 and as high as 105-3/4 (Click here to see a one-year stock chart for Yahoo!)
Yahoo! said traffic on its network of Web sites, which include several city directories and international versions, increased to an average of 95 million page views a day in March compared to an average of 65 million page views a day at the end of 1997.
In the first quarter, Yahoo! debuted a number of new features including an instant messaging feature enabling others to chat in real time through the Internet. The company also signed a deal with Internet provider IDT Corp. to offer its Net2Phone Internet phone service.
Yahoo! said its international Web sites were also experiencing strong growth. The newest, Yahoo! Korea, has already reached about one million page views a day since its September launch.
|
|
|
Yahoo!
|
Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney
|
|
|
|
 |
|
