UPDATE 1-Yahoo net revenue down slightly in third quarter
SAN FRANCISCO Oct 15 (Reuters) - Yahoo Inc's net revenue dipped slightly in the third quarter as prices for its display ads remained under pressure.
Yahoo shares, which are up roughly 70 percent since the start of the year, rose nearly 4 percent to $34.60 after Tuesday's market close when the company released its results.
The Web portal reported $1.081 billion in net revenue, which excludes fees paid to third-party websites, in the three months ended Sept. 30, compared with $1.089 billion in the year-ago period. The average analyst expectation was for net revenue of $1.082 billion according to Thomson Reuters I/B/E/S.
Yahoo said it earned $297 million in net income in the third quarter, or 28 cents a share, compared to $3.16 billion, or $2.64 a share in the third quarter of 2012, when Yahoo's results included a $2.8 billion gain from the sale of a portion of its stake in Alibaba Group.
Excluding certain items, Yahoo said it earned 34 cents per share, a penny above the average analyst estimate.
Yahoo said prices for display ads declined seven percent -year-over-year, while the number of display ads sold increased roughly 1 percent.
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