NEW YORK (CNN/Money) - Internet media company Yahoo! Inc. Wednesday logged a second-quarter profit that slightly exceeded Wall Street's consensus estimate and raised the bar for the remainder of the year.

After the close of trading, Yahoo! reported second-quarter net income of $21.4 million, or 3 cents per share, compared with a net loss of $48.5 million, or 9 cents per share, during the year-ago period.

At $225.8 million, Yahoo! reported second-quarter revenue that rose 24 percent over the $182.2 million it reported in the same period last year.

For the most part, analysts had been expecting Yahoo! to record a second-quarter profit of 2 cents per share on revenue of roughly $214.7 million, according to a survey conducted by earnings tracker First Call.

The closely watched report sparked a flurry of buying in after-hours trade. After falling more than 4 percent to $12.19 on Nasdaq in the regular session, Yahoo! (YHOO: Research, Estimates) shares rose 66 cents to $12.85 in the extended session on Instinet Wednesday.

Although online advertising sales still account for the bulk of its revenue, Yahoo! has been moving to diversify its revenue stream. The company has taken a number of steps, including forging revenue-sharing agreements with partners such as pay-for-placement search-listing provider Overture Services Inc. and others.

Yahoo! also has stepped up its efforts to develop more services aimed at businesses and has been building its portfolio of premium consumer services as well as charging for certain consumer services it once provided for free.

"We said we would shift our revenue mix and create additional revenue streams in fees, listings and transactions," Terry Semel, Yahoo!'s chairman and CEO, said on a conference call late Wednesday.

"We've done that, and they now represent approximately 40 percent of our total revenue," Semel said.

For the second quarter, Yahoo! said its online advertising revenue totaled $135.7 million. That's a 4 percent decline from the same period last year, which the company attributed primarily to a decrease in renewals of previous advertising arrangements from Internet companies, which historically have represented a major portion of its business.

Semel said Yahoo! in recent months has been "methodically and aggressively" shifting its advertising base from one that relied heavily on dot.coms to one that is balanced between major brand advertisers and small- and medium-sized companies.

While he acknowledged that the online advertising market remains pressured, Semel said Yahoo! is beginning to see "encouraging signs of growth" among traditional advertisers in key industries such as travel, auto, entertainment and finance. He also said the company's new strategy will yield strong results in the second half of the year.

"One year ago, we were underperforming the overall advertising market," Semel said. "Now, because of this balance, we feel confident that we will achieve double-digit year-over-year growth in marketing services during the second half of this year."

Yahoo!'s revenue from fees and listings in the second quarter totaled $74.1 million. That's a 109 percent increase compared with the same period last year, the increase attributable in large part to the company's acquisition of HotJobs, according to Yahoo! Chief Financial Officer Susan Decker.

Excluding HotJobs, Yahoo!'s fees and listings revenue for the quarter still would have shown a 19 percent increase over last year's second quarter, Decker said.

Looking ahead, Yahoo! raised it financial targets for the full year.

The company is now aiming for 2002 revenue ranging between $900 million and $940 million, and earnings before interest, taxes, depreciation and amortization -- or EBITDA -- between $140 million and $165 million.

Yahoo! previously had forecast 2002 revenue ranging between $870 million and $910 million and full-year EBITDA in a range between $105 million and $130 million.

In the third quarter, Decker said Yahoo! is targeting revenue between $225 million and $250 million and EBITDA between $38 million and $48 million.