SUNNYVALE, Calif. (AP) _ Yahoo Inc. (YHOO) on Tuesday reported first-quarter net income of $99.4 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Sunnyvale, California-based company said it had profit of 10 cents. Earnings, adjusted for one-time gains and costs, were 18 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 16 cents per share.
The internet media company posted revenue of $1.33 billion in the period. After subtracting Yahoo's advertising commissions, revenue was $833.8 million, which also beat Street forecasts. Five analysts surveyed by Zacks expected $800.1 million.
Yahoo shares have increased 23 percent since the beginning of the year, while the Standard & Poor's 500 index has increased almost 5 percent. In the final minutes of trading on Tuesday, shares hit $47.56, an increase of 30 percent in the last 12 months.