Yahoo! has revealed profits more than doubled in the second quarter on the back of strong advertising and subscription revenues.
Earnings stood at $50.8 million (€44.8m; £31.3m) for the three months to June, up from $21.4m in Q2 2002. Total revenues jumped 42% to $321.4m, higher than the group’s April forecast of up to $315m.
Advertising continues to be Yahoo!’s principle revenue stream, with ad takings jumping 44% in Q2 to $219.2m. Revenues from fee-related services surged 43% to $69.9m, while listings brought in $32.3m, a 29% year-on-year rise.
In addition, the group had 3.5m paying subscribers by the end of Q2, up from 2.9m in the previous quarter and just 1m in Q2 2002.
Chief executive Terry Semel said the Q2 revenues were the strongest for any quarter in the group’s history. As a result, sales for the whole of 2003 are now forecast at $1.26bn–$1.31bn, up from earlier predictions of $1.22bn to $1.28bn.
Data sourced from: The Wall Street Journal Online; additional content by WARC staff