Internet portal and navigational-guide provider Yahoo has announced a sharp increase in net income for its fourth quarter, ended Dec. 31.
Yahoo posted net income of $US18.5 million, or 16 cents per diluted share, after one-time charges and other nonrecurring costs during the quarter, on revenues of $76.4 million, the company said in a statement.
In the corresponding quarter a year ago, Yahoo posted a loss of $1.9 million, or 2 cents per share, on revenues of $26.6 million.
For the full year 1998, Yahoo reported net income of $25.6 million, or 23 cents per diluted share, on revenues of $203.3 million, as compared to a loss of $25.5 million, or 29 cents per share, on revenues of $70.45 million in 1997, according to the company statement.
Separately, Yahoo also announced a stock split, with each owner of Yahoo shares on record as of Jan. 22 to receive an additional share for every share they owned on that date.
In addition, Yahoo yesterday promoted current president and chief executive officer (CEO) Tim Koogle to the post of chairman and CEO, with chief operating officer Jeff Mallett taking over the president post.
In spite of the improved fourth-quarter and full-year results, investors yesterday pushed down Yahoo's stock price by $12.5, or just over 3 per cent, to $402 at the close of yesterday's trading.