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Last updated at: (Beijing Time) Thursday, January 16, 2003

Yahoo Posts Profit, Sees Services Growth

Internet media company Yahoo Inc. on Wednesday reported a quarterly profit versus a year-earlier loss and forecast a second consecutive year of double-digit gains would carry revenues above the high-water mark of the Internet boom.


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Internet media company Yahoo Inc. on Wednesday reported a quarterly profit versus a year-earlier loss and forecast a second consecutive year of double-digit gains would carry revenues above the high-water mark of the Internet boom.

Sunnyvale, California-based Yahoo reported a fourth-quarter net profit of $46.2 million, or 8 cents per share, compared with a year-earlier loss of $8.7 million, or 2 cents per share. The average estimate of analysts polled by Wall Street tracking firm Thomson First Call was for earnings per share of 6 cents.

Yahoo shares, which have been trading near a 52-week high, fell on the report, dropping as much as 6.2 percent to $18.37 on Instinet from a Nasdaq close of $19.58.

"It was a solid quarter but I don't believe investors will greet this with exuberance because their expectations were very high going into the quarter," SoundView Technology Group analyst Jordan Rohan said.

Earnings before interest, taxes, depreciation and amortization, or EBITDA, were $85.3 million, compared with $11.7 million a year earlier. Free cash flow rose to $61.4 million from a loss of $6.4 million a year ago.

Revenue in the latest quarter was $285.8 million, compared to $188.9 million a year earlier. Analysts were expecting revenue of $278.6 million, according to First Call.

The company's marketing services division recorded revenue of $177.5 million, up 31 percent over the same period in 2001.

Paid Listings Pay off
Despite weakness in the ad market, Yahoo has seen success recently as it shifted toward paid search listings.

Yahoo's revenue from personal ads, related listing services and Internet connections grew 120 percent to $89.4 million. The segment, which includes the broadband Internet access Yahoo offers in conjunction with SBC Communications Inc., is expected to grow 30 percent in 2003.

Source: agencies


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