Yahoo! Reports 3rd Quarter Earnings
Yahoo! reported that earnings for the three months ending Sept. 30th were $253 million or $0.17 per share. This compares to $65 million or $0.05 cents per share in 3Q 2003. Revenues were $907 million ($655 million after excluding Traffic Acquistion Costs (TAC) i.e. money paid to affiliate site which show pay per click ads). Revenue (excluding TAC) was an 84% increase over third quarter 2003.
A large part of this quarter's earnings was a gain from selling Google (GOOG) shares in its IPO. Yahoo! sold 2.317 million shares at $82.6161 netting them $191.4 million. After accounting for the original cost of the investment and tax benefits associated with old capital losses Yahoo! had on their books, this sale contributed $129 million to this quarter's earnings. Excluding this gain, third quarter earnings were $124 million or $0.09 cents per share. Still a nice increase of 90% over the same period last year.
As of Sept. 30, 2004, Yahoo! still held 5.882 million shares of Google worth $762.28 million.
See the complete press release here.
A large part of this quarter's earnings was a gain from selling Google (GOOG) shares in its IPO. Yahoo! sold 2.317 million shares at $82.6161 netting them $191.4 million. After accounting for the original cost of the investment and tax benefits associated with old capital losses Yahoo! had on their books, this sale contributed $129 million to this quarter's earnings. Excluding this gain, third quarter earnings were $124 million or $0.09 cents per share. Still a nice increase of 90% over the same period last year.
As of Sept. 30, 2004, Yahoo! still held 5.882 million shares of Google worth $762.28 million.
See the complete press release here.
posted by Giri at 6:12 PM
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