Netco in the black in 3rd quarter; revs up 50%
Yahoo reported improved quarterly financial numbers, with net income for the third quarter hitting $28.9 million, compared to a net loss of $24.1 million last year. Revenues of $249 million were up 50% from the same period last year.“Despite a challenging external environment, it is clear Yahoo is benefiting from the strategy and plan we laid down nearly a year ago and that our efforts to position the company for sustainable, profitable growth are paying off,” said Yahoo chairman and CEO Terry Semel, the former Warner Bros co-CEO. The company said it expects annual revenues will be between $930 million and $955 million this year, with EBITDA between $190 million and $200 million. Next year, it anticipates cresting the $1 billion mark in revenues, at between $1.08 and $1.18 billion. For the first three quarters of the year, the company’s net revenues are up 26%, to $667 million, and EBITDA is at $121 million, compared to a $30 milllion loss last year. The company said its focus on small- and medium-sized business customers by its marketing services operations was paying off, with revenues in that category totaling $147 million, up 22% from third quarter 2001. Yahoo has been the Web’s most trafficked complex of sites for more than two years, but has long struggled to convert those visitors to paying customers. In recent months, it has announced an array of programs, such as a broadband service in 16 states in conjunction with local telco SBC, and the HotJobs acquisition, that are designed to increase revenues.
Want Entertainment News First? Sign up for Variety Alerts and Newsletters!