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Last Updated: Tuesday, 12 October, 2004, 22:37 GMT 23:37 UK
Yahoo nets sharp surge in profits
Yahoo HQ in Sunnyvale, California
Yahoo is predicting strong growth for the year
Internet portal Yahoo has said surging online advertising helped the group more than triple profits in the three months to the end of September.

Profits jumped to $253.3m for the quarter - a rise of 287% on the $65.3m seen in the same period last year.

The group said sales soared 154.1% to $906.7m - their sixth consecutive record high.

The group said new products and services had helped draw in more users to its services.

"Our engaged audience enables us to deliver an unmatched set of advertising opportunities, providing deeper value to our marketers, and supporting the mantra that great products are the key to a great business," chairman and chief executive Terry Semel said.

Booming business

However, the earnings also included a windfall from the group's sale of part of its stake in rival Google and a tax benefit.

When the $129m from those exceptional items were excluded from the group's earnings, the company's profits came in at just $124m.

As a result of its booming business, revenues for the quarter beat analyst forecasts of $644m , growing to $655m - way ahead of the $357m in revenues seen in the same period last year.

As a result of the rise, the group raised its forecasts for the fourth quarter and the full year.

The group said it expected to generate sales of $730m in the current three months, while revenues for the year are expected to come in at between $710m and $760m.




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