Internet media company Yahoo posted a higher quarterly profit this evening, boosted by growing strength in online advertising and its fee-based services, and it raised its guidance for the year.
Yahoo reported a net profit of $50.8 million, or 8 cents per share, for the second quarter, compared with a year-earlier profit of $21.4 million, or 3 cents per share. Revenue rose to $321.4 million from $225.8 million a year earlier.
Analysts were expecting earnings of 8 cents per share on revenue of $313.3 million.
The company said it now expects revenue of $318 million to $338 million for the third quarter and $1.26 billion to $1.31 billion for the year.
Analysts had expected revenue of $325.5 million for the third quarter and $1.28 billion for the year, according to ReutersResearch.
Yahoo shares closed at $35.29, up 19 cents, on Nasdaq, before falling to $34.15 in after-hours trade as the news was released.