(Yahoo! story updated to correct a misreported revenue comparison and to provide further information from the company's earnings release.)

SUNNYVALE, Calif. ( TheStreet) -- Yahoo! ( YHOO) squeaked past analysts' estimates with a per-share profit of 15 cents in the second quarter, but the stock came under pressure after hours as investors reacted to a disappointing top-line figure.

Revenue in the quarter ended June 30 amounted to $1.6 billion, Yahoo! said, up slightly from last year's $1.57 billion. But after subtracting about $470 million in so-called "traffic acquistion costs," the company's net revenue was $1.13 billion, less than the $1.16 billion that analysts were expecting.

( An earlier version of this story incorrectly compared the consensus revenue forecast with Yahoo's revenue including traffic acquisiton costs.)

Investors sold off Yahoo! shares in after-hours trading Tuesday. The stock was changing hands at $14.54, down 74 cents, or 4.9%, from its close in the regular session.

A year ago, the company earned 10 cents a share.

Looking ahead, Yahoo! said it expects to post third-quarter revenue of $1.57 billion to $1.65 billion. Taking into account traffic-acquistion costs, however, Yahoo!'s projected revenue for the third period comes to $1.1 billion on the low end and $1.17 billion on the high end. Analysts had been expecting about $1.16 billion, according to a survey of the sell side by Thomson Reuters.

Yahoo! said income from operations for the third quarter would likely fall between $160 million and $200 million.

-- 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.