New York, Oct 21: Strengthened by its cost cutting steps and the uptrend in spending by some advertisers, Yahoo posted a three fold surge in its net profit for the third quarter (Q3) ended Sep 30, 2009.
The Internet major's net income stood at 186 million dollars, up from the net income of 54 million dollars reported in the corresponding quarter of the previous year.
However, the company's revenue dropped by 12 per cent to 1.57 billion dollars in the quarter as against the 1.78 billion dollar revenue in the year-ago period.
On a year on year basis, marketing services revenues also fell 12 per cent and fees revenues plunged 11 per cent. But in comparision with the second quarter (Q2) the marketing services revenues were flat, and fees revenue increased 2 per cent.
The company has not only beat analysts' expectations but also showed some improvement in its key business areas.
Speaking on its third quarter results, Yahoo! Chief Executive Officer Carol Bartz said, "With revenue coming in above our guidance and flat sequentially, we had a solid third quarter that signals our major businesses have stabilised."