Yahoo! released their third quarter earnings today and their profit is up, way up. Net income was $186 million, up a whopping 244% from the third quarter of 2008, when net income was $54 million. Much of this can be attributed to cost-cutting, as revenue was down year-over-year. Yahoo! brought in $1.6 billion in 3Q 2009, down 12% from 2008’s $1.8 billion. Still, revenue was up over the second quarter of 2009, a good sign for the Sunnyvale-based internet company.
“With revenue coming in above our guidance and flat sequentially, we had a solid third quarter that signals our major businesses have stabilized,” said Yahoo! chief executive officer Carol Bartz. “With new products like Yahoo! homepage, our brand revitalization campaign and expansion in the Middle East through Maktoob.com, our execution is improving and we’re focused on what we do best – being the center of people’s online lives.”
Analysts predicted Yahoo! would come in at $1.12 billion net revenue and 7 cents a share earnings. But Yahoo! beat those estimates, coming in at $1.13 net revenue and 13 cents a share earnings.
You can read the full earnings release here (PDF).