Updated from Tuesday, Jan. 26 SUNNYVALE, Calif. (TheStreet) -- Yahoo! (YHOO) surpassed Wall Street profit and revenue targets for its fourth quarter, offering further evidence of a media-wide rebound in advertising spending.

After the market close Tuesday, Yahoo! posted adjusted earnings of 15 cents a share, which excluded restructuring costs, besting the consensus estimate of 11 cents a share, according to a poll of analysts by Thomson Reuters.

Including those charges, Yahoo! earned $153 million in the quarter, or 11 cents a share, on revenue of $1.73 billion. Though its top-line figure marked a 4% decline from a year ago, it was better than the $1.23 billion analysts were expecting, again according to Thomson Reuters.

As for outlook, Yahoo! said it expects first-quarter revenue of $1.575 million to $1.675 million. It didn't provide a per-share earnings forecast, but said income from operations would reach $90 million to $110 million. Analysts were looking for Yahoo! to earn 10 cents a share for the first three months of 2010, on revenue of $1.16 billion.

Investors appeared to applaud the results. In after-hours trading Tuesday, Yahoo! shares rose to $16.35, up 2.7% from their close in the regular session, when they advanced by 13 cents.

The shares were trading higher in the premarket session Wednesday at $16.62.

-- Written by Scott Eden in New York

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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining TheStreet.com, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.