Numbers Go Over the Top at Overture

As forecast last week, Overture Services (OVER Quote) overwhelmed expectations.

For the fourth quarter ended Dec. 31, the pay-for-placement Internet search engine reported revenue of $101.2 million, up from $39.8 million a year earlier, and well ahead of the company's guidance of $76 million.

Net income for the quarter, according to generally accepted accounting principles, amounted to $20.8 million, or 35 cents per share, reversing a year-ago loss of $7.27 per share. The latest-quarter performance was more than double the expected net income of $10 million, or 17 cents per share.

As also foreshadowed last week, Overture -- formerly GoTo.com -- raised revenue guidance for 2002 to $442 million from $345 million, and raised full year earnings guidance to 93 cents from 45 cents. ...