Shares of Yahoo! Inc. (NASDAQ: YHOO), a Sunnyvale, California-based digital media company, have risen sharply in pre-market trading today after the company reported better-than-expected fourth-quarter results.
After-market close on Monday, Yahoo reported GAAP revenue for the fourth quarter of 2012 of $1.346 billion, up 2% over the same period in the previous year. The company’s revenue, excluding traffic acquisition costs, was $1.221 billion for the fourth quarter, above the consensus forecast of $1.21 billion.
For the full year, Yahoo reported GAAP revenue of $4.987 billion, flat compared to 2011. Full-year revenue, excluding traffic acquisition costs, rose 2% to $4.468 billion. This is the first time since 2008 that Yahoo has grown its annual revenue, which is a sign of improvement at the struggling Internet company.
Yahoo reported fourth-quarter adjusted EBITDA of $509 million, up 8% over the same period in the previous year. GAAP income from operations for the quarter fell 22% to $190 million. On a non-GAAP basis, income from operations was $283 million, up from $259 million reported for the same period in the previous year.
The company reported GAAP net earnings for the quarter of $272 million, or $0.23 per share. On a non-GAAP basis, net earnings for the quarter were $370 million, or $0.32 per share, well above the consensus forecast of $0.28 per share.
Marissa Mayer, CEO of Yahoo, said that during the fourth quarter, the company made progress by growing its executive team, signing key partnerships including those with NBC Sports and CBS Television, and launching terrific mobile experiences for Yahoo! Mail and Flickr. Mayer added that at the same time, the company achieved tremendous internal transformation in its culture, energy and execution.
At last check in pre-market trading today, Yahoo shares were up 2.17% to $20.75.
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