Yahoo ushered in Marissa Mayer as its new CEO with a third-quarter earnings report that topped analyst estimates.
The results announced Monday show Yahoo’s net revenue barely grew at a time when advertisers are spending more money marketing their products and services online.
But the numbers were better than analysts projected. Yahoo Inc. hired Mayer away from rival Google Inc. to orchestrate its latest turnaround attempt in mid-July, shortly after the quarter started.
The company earned $3.2 billion, or $2.64 per share, in the three months ending in September. Most of that profit stemmed from a one-time gain of $2.8 billion that Yahoo pocketed by selling half its stake in Alibaba Group, one of China’s most successful Internet companies. Yahoo earned $293 million, or 23 cents per share, at the same time last year.