Yahoo! posts 244 per cent increase in net profit | Business Breaking News | News.com.au

quarter a year ago. Analysts had been expecting seven cents per share for the quarter and revenue of $US1.1 billion. "With revenue coming in above our guidance and flat sequentially, we had a solid third quarter that signals our major businesses have stabilised," Yahoo! chief executive officer Carol Bartz said in a statement. The better-than-expected performance was chalked up in large part to aggressive cost-cutting measures implemented by Bartz since being named in January to replace Yahoo! co-founder Jerry Yang as chief executive. "In the third quarter we saw strength in key areas of our business," Yahoo! chief financial officer Tim Morse said. "Our efforts to reposition Yahoo! are still in the early stages, but we're confident that our investments in the business will enable us to capitalise on growth opportunities as the economy recovers," he said. Yahoo!'s share price gained 3.31 per cent to $US17.77in after-hours electronic trading in New York.