To: stockman_scott who wrote (114861 ) 4/7/1999 6:17:00 PM From: Mohan Marette Respond to of 176387
<--OT-->Yahoo beats First Call.Is it Miller-time yet??? Scott: Haven't you heard??? Yahoo posts profit, beats estimates By Jim Hu and Dawn Kawamoto Staff Writers, CNET News.com April 7, 1999, 2:10 p.m. PT Yahoo today posted a profitable first quarter and beat Wall Street estimates.Yahoo, which marked its third consecutive quarter in the black, reported net income of $16.4 million, or 7 cents a share. But excluding one-time charges for in-process research and development and amortization of intangible assets, the company's pro forma net income was $25.1 milllion, or 11 cents a share, compared with $3.27 million, or 2 cents a share, a year ago. Analysts had expected the portal giant to report earnings of 8 cents a share, according to First Call. The leading portal company's revenues climbed to $86.1 million, up from $30.1 million a year ago. Yahoo's traffic grew to an average of 235 million daily page views in the month of March, up from 167 million in December. Although Yahoo's stock closed the day down 3 percent, the company's share price had jumped in recent days in anticipation of today's earnings report. At one point yesterday, the stock soared 60 points higher than last week's closing price before the Good Friday holiday. Yahoo, which has seen its share price roughly double since the start of the year, has been busy using its stock to acquire companies during the quarter. The portal announced in January that it would buy community builder GeoCities in a stock swap valued at $3.56 billion. The deal is designed to increase the stickiness of Yahoo's site, giving users a reason to linger. Also during the quarter, Yahoo negotiated an acquisition of Broadcast.com. Yahoo, which announced that deal this month, said it would buy Broadcast.com for $5.7 billion in a stock exchange, helping the portal's effort to stay competitive in high-speed Internet services. Company executives said they plan to pursue other acquisitions this year.