Shares of portal site Yahoo! (Nasdaq: YHOO) soared 9-7/8 to185-5/8 in early trading today, one day after the company reported third-quarter earnings that handily beat Wall Street’s expectations. After the markets closed Wednesday, Yahoo! reported earnings of $40.4 million or 14 cents per share, excluding charges that were related to its acquisition of Broadcast.com. Analysts polled by First Call had expected nine cents per share.
The stock had climbed 2-7/16 to 175-3/4 on Wednesday prior to the earnings release.
This is the 10th consecutive quarter that Yahoo! has blown past expectations, and what might be most impressive about this quarter is the more than $155 million in net revenues the company reported. This is a 134 percent increase over the more than $66 million reported in the same quarter of 1999. This is impressive growth, indeed.