) --



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


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


(GOOG) - Get Report

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

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

>Contact by



Follow @Commodity_Bull