Yahoo beats on earnings, says Verizon deal to close in June
Yahoo Inc. beat expectations with a Tuesday earnings report, but shares were mostly quiet as investors wait for the planned acquisition of the company by Verizon Communications Inc. , which is now expected in June. Yahoo reported net income of $99.4 million, or 10 cents a share, on total revenue of $1.33 billion. After adjusting profit for stock-based compensation and removing traffic-acquisition costs from revenue, Yahoo reported earnings of 18 cents a share on sales of $833.8 million. That performance beat analysts' average expectations of 14 cents a share on sales of $812 million, according to FactSet. "As we enter our final quarter as an independent company, we are committed to finishing strong and planning for the best possible integration with Verizon," said Chief Executive Marissa Mayer, who is not expected to remain with Yahoo after the Verizon deal closes. Yahoo had previously said it expected the acquisition to close by the end of the second quarter, but was specific Tuesday in pointing to June as a target. Yahoo shares gained about 0.1% in late trading, after hitting a 52-week intraday high and closing with a 0.4% increase at 47.56 in the regular session.
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