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Yahoo earnings top Wall Street

The portal giant's shares jump in after-hours trade after the company reports second-quarter earnings that beat estimates.

Yahoo today posted second-quarter earnings that beat Wall Street estimates, although acquisition expenses resulted in an overall loss.

The Web bellwether reported net income of $28.3 million for the second quarter, or 11 cents per share, excluding charges for mergers and acquisitions. Including merger-related charges, Yahoo reported a net loss of $15 million, or 7 cents per share.

This figure beat analyst estimates by 3 cents per share. Wall Street expected Yahoo to report earnings of 8 cents per share excluding charges, according to First Call's consensus of analyst estimates.

Shares of Yahoo jumped almost 6 points in after-hours trade immediately after the earnings report. The shares traded at 173 after hours, almost reversing an 8.06-point slide during the day.

Yahoo also reported revenues of $115.24 million for the second quarter, a 156 percent increase over the $44.9 million net revenue reported the same quarter a year ago.

In addition, Yahoo's user base showed healthy growth. In June, 80 million unique users visited Yahoo's network of properties. And separately it reached 65 million registered users, compared to its 47 million mark in March.

A hefty registration base gives Yahoo more information about its users so it can direct-market goods and services to them. Users who register on Yahoo can submit their names and email addresses in exchange for access to free services such as email and chat.

Despite the robust registration numbers, however, some analysts are scratching their heads over another metric: page views. Yahoo reported 310 million page views per day in June, up from 235 million in March. However, GeoCities accounted for 40 million of June's page views, and Yahoo Japan accounted for an additional 22 million.

PaineWebber equity analyst Jim Preissler said Yahoo as a standalone site showed relatively sluggish page view growth of 13 percent from March to June.

But Yahoo chief executive Tim Koogle said the second quarter is seasonably one of the slowest periods, and he was not surprised by the 13 percent growth rate.

"Every year there's seasonality in terms of consumption," Koogle said. "If you look at close detail, you know that there are wiggles on the growth consumption curve. The wiggles are because people are on vacation."

But Preissler remained skeptical of pinning it only to seasonality. The same period last year showed 21 percent growth. "This is a deviation from last year," Preissler said. "Maybe they're not getting the traction from these people they're adding, or there's some sort of lag effect happening. Something different is going on with all these new users registering."

The second quarter saw the close of Yahoo's $2.86 billion acquisition of GeoCities, which resulted in the loss of roughly 300 GeoCities jobs from layoffs and departures.

In addition to GeoCities, Yahoo in late May acquired software firm Encompass to beef up its My Yahoo personalization service. And in early June, it acquired Online Anywhere for $80 million in stock to spread its service into non-PC devices.

Yahoo's acquisition of is expected to close July 20.

Reuters contributed to this report.