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Yahoo! posts Q2 profits

Yahoo! has posted its first quarterly profits for seven quarters providing a welcome boost to the deflated technology sector. The company reported net profits of US$21.4 million for the three months ending June 30.<br>

Yahoo! has posted its first quarterly profits for seven quarters providing a welcome boost to the deflated technology sector. The company reported net profits of US$21.4 million for the three months ending June 30, compared to a loss of US$48.5 million in the same period last year.

This equals a profit of 3 cents a share, which was a cent higher than most analysts’ predictions.

"Yahoo has maintained an intense focus on achieving its strategic goals and executing against its business plan," Terry Semel, Yahoo!’s chairman and chief executive, told the BBC.

The company reported a rise in revenues of 24% to US$225.8 million compared to US$182.2 million in 2001.

"As we execute against our business plan, we expect to continue to deliver strong results and profitable growth through the remainder of the year," Semel added.

The company’s revenue forecast for the whole of 2002 is US$900 million to US$940 million.

Yahoo! attributed the rise in profits to a diversification of its advertising revenue stream, which now includes more corporate advertisers, offsetting the loss of dot.com.

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