Yahoo! has reported that its third quarter (Q3) profits were not as low as had previously been feared, according to the Associated Press.

The search engine reported earnings for the period ending September of $151.3 million and said that revenue for the period had come to $1.77 billion, a rise of 12 per cent on the same month last year.

It was also revealed that the news had been welcomed by investors although Yahoo!’s chief executive Jerry Yang told analysts yesterday that the company was not out of the woods yet.

"We have a lot more work to do, but we are genuinely excited about where the company is headed," he said.

It has also emerged that Yahoo! is to enter into a new online advertising partnership with, and Ziff-Davis Media involving a number of projects that will incorporate display advertising.

Earlier this year the company recorded a 22.89 per cent share of all searches in the US for August with Google taking 63.98 per cent of the market, according to a Hitwise report.

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