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Yahoo pushes back Verizon merger, reports Q4'16 earnings beat

Yahoo! Inc. on Jan. 23 reported an earnings beat, and it said its combination with Verizon Communications Inc. would close later than expected.

The company originally indicated a first-quarter deal closing, but in its fourth-quarter 2016 earnings release, Yahoo pushed back the expected closing date to the second quarter.

"Given work required to meet closing conditions, the transaction is now expected to close in Q2 of 2017. The company is working expeditiously to close the transaction as soon as practicable," Yahoo said in the release.

For fourth quarter 2016, Yahoo reported net income attributable to the company of $162.0 million, or 17 cents per share, a massive swing from a net loss of $4.43 billion, or $4.70 per share, reported in the 2015 fourth quarter. For full year 2016, the company reported a net loss of $214.3 million, or 23 cents per share, compared to a loss of $4.36 billion, or $4.64 per share, in 2015.

The consensus EPS estimates for the fourth quarter and full year 2016 were 11 cents and a loss of 29 cents, respectively, according to S&P Capital IQ.

On a non-GAAP adjusted basis, fourth-quarter EPS came to 25 cents, up from 13 cents in the prior-year period. Non-GAAP full-year EPS clocked in at 62 cents, up from 59 cents a year ago. The S&P Capital IQ consensus EPS estimates for adjusted fourth-quarter and full-year EPS were 21 cents and 58 cents, respectively.

Fourth quarter revenue was $1.47 billion, up from $1.27 billion in the year-ago quarter, and full-year revenue came to $5.17 billion, compared to $4.97 billion reported for 2015.

Shares of Yahoo were up over 1% in after-hours trading following the earnings release.