SAN FRANCISCO (07/11/2000) - Yahoo Inc. Tuesday posted stronger-than-expected financial results for its second fiscal quarter, as well as a sharp increase in traffic to its Internet sites.
Excluding acquisition-related charges and other unusual items, second-quarter net income was US$73.9 million, or 12 cents per share, compared with $27.1 million or 5 cents a share a year ago, Yahoo said. Analysts had expected the company to report a profit of 10 cents a share, according to First Call/Thomson Financial. Adding in the charges and unusual items, Yahoo reported net income of $65.5 million or 11 cents per share for the second quarter.
Revenue for the second quarter, which ended June 30, 2000, was $270.1 million, an increase of 110 percent from $128.6 million a year ago, Yahoo said.
Tim Koogle, Yahoo's chairman and chief executive officer, said in a statement that the results underscore the strength of the company's global franchise business.
"We continue to expand the breadth and depth of the services we offer to advertisers, merchants and business partners to provide them with the most valuable distribution and transaction platform for effectively reaching their customers,'' Koogle said.
The portal company also reported dishing up a record 680 million Net page views per day on average during June, compared to an average of 625 million page views per day in March. Yahoo said it served 156 million global unique users in June, including 20 million users in Japan.
Yahoo's earnings report, and in particular its revenue growth, were closely watched by financial analysts. Some market watchers had expressed fears that popular Internet sites could suffer this quarter as more cash-strapped dot-coms cut back on advertising spending.
The results were announced after the U.S. markets closed Tuesday. In regular trading on the Nasdaq stock exchange, Yahoo's shares closed at $105.50, down $4.50 from the previous day.
Yahoo, based in Santa Clara, California, can be reached at +1-408-731-3300 or on the Web at http://www.yahoo.com/.