Yahoo!, the world's most popular website, saw its shares rocket after posting second quarter revenues 110% up on the same period last year.
Not only did the internet giant exceed Wall Street’s wildest expectations, it also sent a signal to investors and analysts that the feared slowdown in the online advertising market is by no means a foregone conclusion. Having closed the day at $105-1/2 ($4-1/2 down), Yahoo! shares leapt $14-1/8 to $119-5/8 during after-hours trading.
Tim Koogle, chairman and chief executive, attributed the results to continued global expansion, while chief financial officer Susan Decker said that the company’s exposure to "financially questionable" customers accounted for less than 10% of revenues.
Yahoo! is currently expanding its services globally in markets where internet use is growing faster than in the US.
News source: Financial Times