Yahoo’s stock jumped 19 7/16 after reporting much higher than expected second-quarter earnings. Yahoo’s pro forma net income, excluding certain unusual items, totaled $74 million, or 12 cents per diluted share, in the second quarter. This compares with $27.1 million, or 5 cents per diluted share, in the year-ago period.
Yahoo’s second-quarter sales also grew to $270.1 million from $128.6 million in the same year-ago period, while page views increased to an average of 680 million per day in June.
Yahoo’s earnings set off a rally on the technology-driven Nasdaq, which jumped 143.16 points, or 3.62 percent, according to reports. Big winners were America Online, up 3 1/2 to 57 9/16, and Internet venture capital firm CMGI Inc., up 6 15/16 to 43 7/16.