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Yahoo! gave some cheer to fickle stock market investors after announcing better-than-expected third quarter figures last night.
The web company’s shares jumped 10% after it posted a 12% increase in revenues to $1.77bn and had some good news to report from both its search and display ad businesses.
It generated a 20% increase in the key metric of revenues per search, while its display ad offering – the subject of serious investment by the company this year – saw revenue growth jump to “nearly 20%” after five quarters of deceleration.
But its net profit was down 5% to $151.3m and ad revenues from its third party publishing partners dropped 1%, despite efforts to increase the reach of its search and display ad networks.
American Technology Research analyst Rob Sanderson summed it nicely to AP:
“Things certainly seem to be moving in the right direction. Now the question is can they string a few quarters like this in a row?”