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Yahoo! Tops Wall Street Profit View

NEW YORK ( TheStreet) -- Yahoo! (YHOO - Get Report) surpassed Wall Street's expectations with its second-quarter earnings late Tuesday, sending shares slightly higher in after-hours action.

The Sunnyvale, Calif.-based Internet giant reported a non-GAAP profit of $190 million, or 27 cents a share, on revenue excluding traffic acquisition costs of $1.081 billion for the three months ended in June.

Analysts polled by Thomson Reuters expect Yahoo! to report earnings of 23 cents a share on $1.095 billion in revenue. Independent analysts polled by Estimize were looking for a profit of 22 cents a share on $1.085 billion in revenue. Analysts estimates usually exclude TAC.

Yahoo! said display revenue rose in the latest quarter to $473 million, a 1% increase year-over-year. Search revenue excluding TAC also rose, up 4% year-over-year to $385 million.

"In the second quarter, non-GAAP earnings per share exceeded consensus and both display and search revenue ex-TAC showed modest growth," said Yahoo! CFO Tim Morse in a press release. "We also moved aggressively with new strategic agreements with Alibaba and Facebook and announced several new partnerships including CNBC, Clear Channel and Spotify."

The results come a day after Yahoo! named Marissa Mayer, a former Google (GOOG) executive, as its new CEO.

The company plans to hold a conference call at 5 p.m. to discuss the results.

Shares of Yahoo! closed the regular session down 0.22% to $15.61. The stock was last quoted at $15.71, up 11 cents, on volume of more than 270,000, according to Nasdaq.com.

Interested in more on Yahoo!? See TheStreet Ratings' report card for this stock.

Check out our new tech blog, Tech Trends. Follow TheStreet Tech on your wireless devices.

-- Written by Chris Ciaccia in New York

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