Yahoo! cheers results

Yahoo! said its second-quarter profits rose sharply from a year ago, but revenues lagged, offering a mixed picture for chief executive Marissa Mayer's turnaround efforts. Net profit rose 46 per cent to $US331 million, but revenues dipped 1 per cent to $US1.07 billion. Mayer, left, said the quarter was "one of the most productive in the history of Yahoo!".