Internet services company Yahoo Inc. on Wednesday posted a quarterly net profit that rose from a year ago, fueled by its acquisition of Web search advertising provider Overture Services Inc. in October.
Sunnyvale, California-based Yahoo had a net profit of $75 million, or 11 cents a diluted share, compared with net profit of $46.2 million, or 8 cents in the year-ago fourth quarter.
Revenue, excluding traffic acquisition costs (TAC) or Yahoo's revenue share with partners such as Microsoft Corp.'s MSN Internet unit, was $511.3 million, compared with $285.8 million a year ago.
Revenue, including TAC, was $663.9 million, compared with $285.8 million.
Analysts, on average, had seen the company posting earnings of 11 cents a share on revenue, excluding TAC, of $495.49 million, according to Reuters Research, a unit of Reuters Group Plc.
Yahoo shares closed at $48.39 on the Nasdaq, up 146 percent from a year ago, as investors expect high growth expectations at the company and the sector itself.