Yahoo’s first-quarter profit nearly triples to shoot past analyst estimates

Yahoo 1Q profit nearly triples, tops analyst views

SUNNYVALE, Calif. — Yahoo’s first-quarter earnings nearly tripled as the Internet company’s revenue edged up for the first time in more than a year.

The results released Tuesday represented Yahoo’s best quarterly performance since it hired Carol Bartz to engineer a turnaround 15 months ago.

The performance reflected an upturn in online advertising, the main source of Yahoo’s income. Advertisers have been spending more freely in recent months amid signs that the U.S.. economy has emerged from its worst recession in more than 70 years.

In a statement, Bartz said display advertising grew by 20 percent compared with the same period a year earlier.

“We had a good quarter, delivering income from operations higher than our outlook,” she said.

Yahoo earned $310.2 million, or 22 cents per share, in the January-March period.

Excluding one-time gains, Yahoo said it would have earned 15 cents per share. That figure topped analyst estimates of 9 cents per share.

Revenue was up 1 percent to $1.6 billion.

Shares of Yahoo fell 11 cents to $18.27 in extended trading. Earlier, before the release of results, shares closed down 1 cent at $18.38.