Yahoo Profit Up on Online Ad Growth

(Conference call at 5 PM EST today..listen in here) Yahoo’s quarterly profit rose from a year ago, buoyed by the recovery in traditional online advertising and strength in Web-search advertising.

It had a Q1 net profit of $101 million, compared with its year-earlier net profit of $47 million. Revenue excluding traffic acquisition costs (TAC) — or advertising revenues that Yahoo shares with distribution partners — grew to $550 million from $283 million last year, bolstered by Yahoo’s October acquisition of Overture.

TheStreet.com: The news, which sent the stock surging 10% in wild postclose action, comes as Yahoo! earns growing plaudits from observers who see the company making strides in the face of formidable competition.

More details in press release here: “Fees revenue for the first quarter of 2004 totaled $88 million, a 39 percent increase compared to the $64 million reported in the same period in 2003. This increase was primarily driven by the growth in the number of paying relationships for Yahoo!’s premium services, which were approximately 5.8 million at March 31, 2004 compared to approximately 2.9 million at March 31, 2003.”

The online media company also unveiled a two-for-one stock split for its shares which reached a high in after-hours trading that hasn’t been seen since November 2000

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