Yahoo CEO Carol Bartz can swear as much as she wants with results like these. The company's sales for the quarter that just ended on September 30th fell 13% from last year, but cost controls boosted the company's profits to $186 million, more than double last year's figure.
"With revenue coming in above our guidance and flat sequentially, we had a solid third quarter that signals our major businesses have stabilized," Bartz said in a prepared statement.
Wall Street Journal reporter Andrew LaVallee liveblogged the call.
Citi's Mark Mahaney backed a buy rating on YHOO shares: “Haven’t seen this from Yahoo in a while,” he wrote. “We believe the stock is not priced for this kind of beat and the potential turnaround — both cyclical and executional — it conveys.”
Wall Street wasn't so enthusiastic. YHOO only bounced back to $17.25, slightly below yesterday's closing price.
[Photo: Bloomberg News]