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Yahoo's profits rose by more than 50% in the second quarter, but net revenues fell short of analysts' estimates and its share price fell by more than 4%.
Yahoo said its revenue in the three months ending 30 June was $1.6bn (£1.05bn), compared with $1.57bn in the same quarter last year.
But Yahoo's net revenue, which excludes the revenue it shares with website partners, was $1.13bn.
This was below the average analysts' expectations of about $1.16bn.