Yahoo on Monday reported financial results for the third quarter that topped analyst estimates in the first reporting period since CEO Marissa Mayer joined the company. Yahoo reported net revenue of $1.09 billion for the third quarter, up 2% from $1.07 billion in the year-earlier period.
Profit rose 66% from a year ago to 35 cents a share. Wall Street analysts were expecting net revenue of $1.08 billion and net income of 25 cents per share. Including a one-time gain from the sale of its stake in China-based Alibaba, Yahoo’s earnings per share was $2.64.
Gross revenue slipped 1% to $1202 billion.
Display ad revenue was essentially flat from a year ago at $452 million. But search ad revenue was higher than expected, up 11% to $414 million. Mayer, who is expected to lay out her overall strategy for Yahoo’s turnaround on the company’s analyst conference call today, called the Q3 earnings “solid” in a prepared statement.
“We’re taking important steps to position Yahoo! for long-term success, and we’re confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders,” she said. Read the full release here.