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Yahoo earnings top expectations, revenue in line

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Yahoo posted earnings that exceeded Wall Street expectations Tuesday, while sales matched estimates.

Yahoo posted earnings of 46 cents a share, excluding one-time items, topping estimates for 38 cents a share. The company posted revenue of $1.20 billion, meeting forecasts.

Shares were slightly higher in extended-hours trading. What is Yahoo stock doing now? (Click here to get the latest quotes.) (YHOO)

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CEO Marissa Mayer will appear on a video conference call with analysts at 5 p.m. with Chief Financial Officer Ken Goldman-a tradition the company started last year. Since Marissa Mayer took over as CEO in July 2012, shares of the Internet company have spiked more than 140 percent, versus a 41 percent gain in the Nasdaq.

Earlier this month, Yahoo Chief Operating Officer Henrique de Castro left the company after about a year on the job. Mayer hired de Castro from Google (GOOG) shortly after she took the helm at Yahoo.