Yahoo soared past all Wall Street expectations by posting better than expected third quarter results and a sharp increase in traffic.
While many of the Internet company?s rivals have faired badly in the recent turbulent stock market, Yahoo posted a net income of $16.6 million, or 15 cents a share, compared with $681,000 or one cent last year. Wall Street analysts predicted earnings of nine cents per share.
Revenues for the third quarter ending 30 September increased by 30 per cent.
Yahoo also announced its traffic increased to an average of 144 million page views per day during September 1998, compared to an average of 115 million page views per day in June 1998.
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