Yahoo Shares Rise After Company Beats Earnings, Sales Expectations

Shares of Yahoo Inc. rose nearly 2% late Monday after the internet company reported fourth-quarter adjusted earnings and sales above expectations. Yahoo also said the sale of its core business to Verizon is now expected to close in the second quarter instead of in the first quarter "given work required to meet closing conditions," it said in a statement. Yahoo said it earned $162 million in the quarter, or 17 cents a share, versus a loss of $4.43 billion, or $4.70 a share, in the year-ago quarter. Adjusted for one-time items, Yahoo earned 25 cents a share in the quarter, up from 13 cents a share a year ago. Revenue reached $1.47 billion, up from $1.27 billion a year ago. Analysts polled by FactSet had expected the company to report adjusted earnings of 21 cents a share on sales of $907 million in the quarter. Shares ended the regular trading day up 0.8%, which compares with a loss of 0.3% for the S&P 500 index.