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Yahoo Q3 Earnings Fail To Impress

Yahoo has posted its third quarter financial report, again failing to meet analysts expectations.

Despite posting a 113 per cent rise in third quarter earnings, the web company posted sales worth $1.13 billion after payments to partners, which fell short of the $1.2 billion predicted by analysts.

The internet firm reported a net income of $396 million in the third quarter, which is more than double the $186 million it had posted a year ago.

Company CEO Carol Bartz said in a statement: “We've made substantial progress this year toward executing our strategies for enhancing profitability and resuming revenue growth.”

Yahoo has been struggling to improve not only its financial standing but also its position as a leading internet company.

The company has outsourced its search function to Microsoft Bing and is currently focussing on online advertisement and media content.

Yahoo's chief competitor Google recently posted a net income of $2.17 billion and a 16 per cent rise in paid clicks on display ads, showing Yahoo is still trailing a long way off the search giant.