Yahoo!'s net losses increased from $11m (£7.7m) for the first quarter of 2001 to $53m for the quarter ending March 31 2002. Revenues were up by 7% to $192.7m, compared with $180.2m for the same period last year.
Terry Semel, chairman and CEO of Yahoo!, attributed the performance, which beat analyst forecasts, to the transformation of the company's business model. Since he took the reins, Yahoo! has been seeking to move away from its reliance on advertising revenues.
The company has upped its forecasts for 2002. Yahoo! said it expects revenues for the second quarter of 2002 to be between $205m and $225m, and between $870m and $910m for the full year. Earnings before interest, taxes, depreciation and amortisation are expected to be between $23m and $33m for the second quarter and between $105m and $130m for the full year.
Semel said: "As we progress through the year, we are well positioned to maintain our growth and to achieve our goal of more than doubling Ebitda profitability in 2002 from 2001 levels."
Shares in Yahoo! closed yesterday at $18.44, down by two cents or 0.11%. Its results were released after the market closed. In after-hours trading, shares were priced at $18.01.
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