Stocks of Yahoo! Inc.(NASDAQ:YHOO) rose by 12 cents or 0.70% to $17.36 in the morning session.
Yahoo! Inc.(NASDAQ:YHOO), which is based in Sunnyvale, California, announced it plans to leave South Korea three weeks ago without estimating the cost. Recently the company revealed that it will cost about $94 million charges for closure of South Korean business.
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In Thursday’s regulatory filing Yahoo said that most of the charges will be taken in its fourth quarter. All but $7 million will be non-cash charges. Yahoo expects to pay $5 million to cover the severance packages for laying off 200 employees affected by company's exodus from South Korea and another $2 million for closing offices in the country.
Zipcar Inc(NASDAQ:ZIP) shares surge by $0.96 or 15.89% to $7.00 in Friday’s session as the company posted a strong third quarter.
Revenue for the quarter rose by 15% to $78.2 million, a rise by 3% in comparison to analyst expectation of $75.6 million. Further its membership grew by 18% to about 767,500.
For 2012 the company expects net income of as much as $3 million and said that it will not do worse than break-even. Wall Street is forecasting net income of $900,000, or 2 cents per share.
For the third quarter the company posted net income of $4.3 million or 10 cents per share, a rise by 400 % in comparison to last year. The result included a benefit of $1.7 million from zero-emission vehicle tax credits.
Analyst expected a profit of a penny per share on revenue of $75.6 million.
For the fourth quarter the company expects revenue to range between $67 million to $71 million and for the full year it expects revenue of 275 million to $279 million. Analyst expects $274.6 million.