Yahoo reported better-than-expected sales and profits for the third quarter yesterday, pushing its stock up 10% in after-hours trading—despite having fallen 4% during regular market hours. The company pulled in a net income of $151 million, or 11 cents a share, slightly behind earnings for this time last year, but well ahead of the 8 cents a share predicted on the street.
This quarter is the first full one under new CEO Jerry Yang, who took over in June in a shakeup triggered by the company's poor performance. "Things may be stabilizing. Advertisers are not defecting," said one analyst. Yahoo also yesterday announced multi-year advertising deals with Cars.com, Forbes.com, Ziff-Davis Media and WebMD.