Yahoo Inc boosted its profit more than 50 per cent in the second quarter but its net revenue fell short of Wall Street expectations, sending shares down more than 4 per cent today.
Yahoo said its revenue in the three months ending June 30th totalled $1.6 billion, compared with $1.57 billion in the year-earlier period.
But Yahoo's net revenue, which excludes revenue it shares with website partners, was $1.13 billion - below the average analyst expectation of $1.16 billion, according to Thomson Reuters I/B/E/S.
Yahoo said net income in the second quarter was $213.3 million, or 15 cents a share, up from $141.4 million, or 10 cents a share in the year-earlier period. That was a penny above analysts' average forecast of EPS of 14 cents.
Yahoo forecast a revenue range between $1.57 billion and $1.65 billion in the third quarter.
Shares of Yahoo were down 4.2 per cent to $14.56 after closing at $15.20 on Nasdaq today.
Reuters