Yahoo blows past Eeyores with $186M quarter
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]
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About the Author, Paul Boutin
Paul (paul@venturebeat.com) covers Apple & the iPhone, social networks & social media, digital music & video, and any crazy Internet story. Paul wrote and edited for Valleywag from 2006-2008, after several years with Wired magazine and Slate. He writes regularly for The New York Times' technology section and sometimes for Wired and The Wall Street Journal. He studied computer science at MIT in the early 1980s, and worked as a software developer and network administrator for 15 years before becoming a professional writer. Follow him on Twitter at @paulboutin, and follow VentureBeat on Twitter at @venturebeat.