Yahoo beats Q1 forecasts thanks to paid services

Yahoo has reported first-quarter 2003 earnings that were above expectations as it continued to drum up revenue from its growing...

Yahoo has reported first-quarter 2003 earnings that were above expectations as it continued to drum up revenue from its growing paid services.

Yahoo reported revenue of $283m (£181m) for the quarter ended 31 March, compared with revenue of $192.7m (£123m) for the same period last year.

This represented a 47% increase over the first quarter of last year.

Analysts had predicted revenue of $273.7m  (£175m)  for the quarter.

The company even topped its own forecasts. It had predicted that revenue for the first quarter would be between $255m (£163m) and $275m (£176m).

Net income was $46.7m (£30m), compared with a net loss of $53.6m (£34m) for the same quarter last year.

"We've made tremendous progress in the first quarter," said Yahoo chairman and chief executive officer Terry Semel.

He pinned the progress on a 38% increase in revenue from marketing services and 61% growth in income from fee-based services compared with the same period last year.

Fee-based offerings, including the DSL and dial-up services offered through Yahoo's alliance with SBC Communications, brought in $63.7m (£40.8m) during the quarter.

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