Yahoo’s 3Q Earnings, Revenue Top Street’s Forecast

SUNNYVALE (CBS/AP) – Yahoo has ushered in Marissa Mayer as its new CEO with a third-quarter earnings report that topped analyst estimates.

The results announced Monday show Yahoo’s net revenue barely grew at a time when advertisers are spending more money marketing their products and services online.

Nevertheless, the numbers were slightly better than analysts projected. Yahoo Inc. hired Mayer in its latest turnaround attempt in mid-July, shortly after the quarter started.

KCBS’ Melissa Culross Reports:

The company earned $3.2 billion, or $2.64 per share, in the quarter. That figure included a one-time gain of $2.8 billion from selling half of Yahoo’s stake in China’s Alibaba Group. Yahoo earned $293 million, or 23 cents per share, at the same time last year.

Net revenue edged up 2 percent from last year to $1.09 billion.

(Copyright 2012 by CBS San Francisco. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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