To: Danny who wrote (99110 ) 4/5/2000 6:11:00 PM From: H James Morris Respond to of 164684
Probably. >n PALO ALTO story headlined "UPDATE 1-Yahoo reports higher sales, earnings" please read in first paragraph ", on Wednesday reported..." (Correcting day.) A corrected repetition follows. (Adds details) PALO ALTO, Calif., April 5 (Reuters) - Yahoo Inc., <YHOO.O> operator of one of the most popular consumer sites on the Internet, on Wednesday reported another period of strong growth, with its first-quarter sales more than doubling as profits more than tripled. The company said its first-quarter earnings before unusual items totaled $63.3 million or 10 cents per diluted share, compared with $17.7 million or three cents in the year-ago quarter. The earnings were one cent above the official consensus forecast of analysts. Shares of Yahoo, however, were down moderately in after-hours trade shortly after the results were announced. The stock, which had fallen 1-13/16 to close at 165-9/16, was quoted around 161-1/2 in after-market activity. It was not immediately clear whether investors were disappointed that Yahoo had not beaten official forecasts by a wider margin, as it has done in the past, or if the drop reflected general nervousness in the market. Yahoo said revenues in the first quarter were $228.4 million, up from $103.9 million a year earlier, while page views of its Web sites averaged 625 million per day in March, up about 34 percent from 465 million in December. The strong growth in page views was a positive surprise to some analysts who had forecast the company would only achieve single-digit growth. Yahoo said that much of the growth came from overseas. In Japan alone, it now has 14 million users, and its total global audience now numbers 145 million. "Our results in the first quarter continue to demonstrate that we have created a global service that resonates with users and a business with inherent self-reinforcing scale from which strong financial results can be derived," Yahoo Chief Executive Tim Koogle said in a statement. The company said much of its plans for future growth involve distributing its content to wireless devices like cellphones that will enable consumers to get connected to the Internet anywhere and any time. Yahoo said its auctions service surpassed 2.5 million daily listings in the quarter, up from 1.5 million in December. Yahoo also named Susan Decker, global head of research at brokerage Donaldson, Lufkin & Jenrette, as its new chief financial officer, replacing Gary Valenzuela, who will retire in July. 17:17 04-05-00