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Yahoo! shares soar
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April 9, 1998: 12:18 p.m. ET
Stock climbs more than 10 percent after earnings double expectations
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NEW YORK (CNNfn) - Shares of Yahoo! Inc. soared in early trading Thursday, a day after the company said its first-quarter earnings doubled analysts' expectations.
Yahoo!, an Internet search engine and content aggregator, reported first-quarter earnings Wednesday of $4.28 million, or 8 cents a diluted share. First Call analysts had forecast a profit of 4 cents a share.
Shares of Yahoo! (YHOO) shot up 11-7/16 to 108-11/16, more than 10 percent, in midday trading.
Tim Koogle, Yahoo! president and chief executive officer, told CNNfn that the main reason for the company's success was advertising revenues. (211K WAV) or (211K AIFF)
"Advertising dollars spent on the Web is growing strongly," he said. "Advertisers in general understand that there's a large audience on the Web. We have 30 million adult users in the United States alone."
Koogle added that Yahoo! has always been "prudent" in giving its earnings estimates to Wall Street, and that analysts should expect similar results in the second quarter.
"We're focused on continuing to growing the business," he said. "We intend to continue managing our business carefully and take as much share as we can." 
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