Yahoo Tuesday reported third-quarter profit that beat analyst expectations but the Web portal but fell short of revenue forecasts. The company posted an adjusted profit of 29 cents a share in the
quarter compared to 13 cents in the year-earlier period. A big portion of the gain came from the sale of classified site HotJobs in the quarter.
Net revenue was $1.12 billion compared to
$1.13 billion a year ago. Analysts had expected Yahoo to report net income of 15 cents a share on sales of $1.13 billion, according to a consensus estimate from Thomson Reuters.
Yahoo said
display advertising was up 17% compared to a year ago but the lackluster results overall could increase pressure on CEO Carol Bartz amid takeover rumors and heightened scrutiny from the Yahoo board.
Read release here.