Yahoo! sees sharp gain in Q2 profit

IT major, Yahoo Inc has said that it has seen a sharp gain in its second quarter profit which has happened because of improving margins. It has also seen a rise in the search-revenue and net-sales figures, but it is lesser than what the Wall Street had estimated.

Post the declaration, the share of the company faced a 6 per cent decline in shares to $14.36.

Yahoo said that the net income was $213.3 million or 15 cents per share. This is higher than $14.4 million or 10 cents per share. Net revenue for the quarter was $13.3 billion.

This is higher than what the analysts had expected. They had estimated the earnings to be around 14 cents per share which comes to $1.16 billion.

Meanwhile, in another development, the CEO of Yahoo and CEO of Nokia came together to appear on Nasdaq electronic sign on Times Square. They have done so since they are entering into a worldwide Internet partnership.

If display advertising is concerned then Yahoo! has spent 19 per cent on this area while its own advertising revenue decreased by 8 per cent.