Internet media company Yahoo Inc. Wednesday said its quarterly profit more than doubled, driven by rising revenue in its acquired Overture Services Web advertising unit.
Revenue and earnings were on the low side of expectations, and Yahoo stock fell in extended-hours trading after the results were released.
Yahoo, based in Sunnyvale, Calif., had a second-quarter net profit of $112.5 million, or 8 cents a share. Its year-ago profit was $50.8 million, or 4 cents a share.
Net revenue grew to $609.1 million from $321.4 million a year ago.
Analysts had expected the company to earn from 7 to 10 cents a share on revenue of $591 million to $628 million, according to Reuters Estimates.
Shares in Yahoo fell 11 percent to $29.05 in after-hours trade from an earlier close of $32.60 on Nasdaq. Yahoo shares had run up since April, when the company surprised Wall Street with unexpectedly strong earnings.
