Internet portal Yahoo, one of a handful of online companies that is actually profitable, saw its first quarter earnings soar and revenue almost triple thanks to a surge in advertising and commissions from online sales.
The company said revenue jumped to $86.1 million, compared with $30.6 million in the period a year earlier. Income rose to $16.4 million compared with $3.3 million in the quarter a year earlier. Earnings excluding acquisition expenses were $25.1 million.
Yahoo pointed out that earnings reported do not include results for Geocities or Broadcast.com, which the portal is acquiring.
Although the first quarter generally dips in advertising following the festive season, Yahoo said advertising revenue had continued to grow. The company said it now has 2,100 advertisers and that 91 of its top 100 advertisers in the quarter have renewed their contracts. No single customer accounts for more than 10 per cent of the company's total revenue.
Timothy Koogle, the company's chief executive, confirmed that Yahoo is still on the acquisition trail, but said that it has ?no near term? plans to branch out into other non Web related areas, such as television.
Analysts put part of Yahoo?s success down to partnerships with PC makers to make the portal available on the desktop. Two million PCs will be sold this year with Yahoo installed, claims the company.
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