Internet company Yahoo beat analysts' expectations on Tuesday by posting net earnings of $163 million for the third quarter of 2016 -- an increase of $87 million over the same quarter last year. File Photo by Mohammad Kheirkhah/UPI | License Photo
SUNNYVALE, Calif., Oct. 18 (UPI) -- Yahoo on Tuesday posted third-quarter results that bested analysts' expectations -- at a time the company is hoping to complete a deal with Verizon Communications.
The Internet and technology company posted total net earnings of $163 million (17 cents per share) for the third quarter of this year -- an increase of $87 million over the same quarter in 2015.
"I am pleased with our Q3 results," CEO Marissa Mayer said in a statement. "This quarter, we launched several new products and showed solid financial performance across the board; both are a testimony to the tremendous teamwork, focus, and resilience of our employees."
On average, analysts predicted earnings of 14 cents per share, the Wall Street Journal reported.
Also, Yahoo said use of its email service has increased slightly since it announced a massive data breach last month, in which data from 500 million accounts was stolen in 2014.
The figures are important to Yahoo due to its pending acquisition by Verizon.
"In addition to our continued efforts to strengthen our business, we are busy preparing for integration with Verizon," Mayer said. "We remain very confident, not only in the value of our business, but also in the value Yahoo products bring to our users' lives. To that end, we take deep responsibility in protecting our users and the security of their information. We're working hard to retain their trust and are heartened by their continued loyalty as seen in our user engagement trends."
Shares of Yahoo (NAS: YHOO) fell 11 cents during trading Tuesday to $41.68.