Really? I've been an accountant for 20 years, and this is news to me.
I have Yahoo's last 10-Q and 10-K in front of me. Leaving out interest
earned on the proceeds of money from the IPO suckers (err..I mean
"investors"), please explain how you came to the conclusion that
Yahoo has turned a profit.
Here's the income statement from the latest 10-Q:
THREE MONTHS ENDED
--------------------------
MARCH 31, MARCH 31,
1997 1996
------------ ------------
Net revenues...................................................... $ 9,515,000 $ 1,733,000
Cost of revenues.................................................. 1,227,000 167,000
------------ ------------
Gross profit.................................................... 8,288,000 1,566,000
------------ ------------
Operating expenses:
Sales and marketing............................................ 6,584,000 860,000
Product development............................................ 1,902,000 330,000
General and administrative..................................... 1,160,000 487,000
------------ ------------
Total operating expenses...................................... 9,646,000 1,677,000
------------ ------------
Loss from operations.............................................. (1,358,000) (111,000)
Investment income, net............................................ 1,389,000 192,000
Minority interests in losses from operations of consolidated
subsidiaries.................................................... 202,000 --
------------ ------------
Income before income taxes........................................ 233,000 81,000
Provision for income taxes........................................ 23,000 --
------------ ------------
Net income........................................................ $ 210,000 $ 81,000
------------ ------------
------------ ------------
Net income per share.............................................. $ 0.01 $ 0.00
------------ ------------
------------ ------------
Weighted average common shares and equivalents.................... 31,657,000 27,691,000 |
