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Overture reports revenue increase

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Pasadena, Calif.--Overture Services Inc., the Internet search company that agreed to be acquired by Yahoo! Inc. on July 14, on Wednesday reported net income of $7.6 million in the second quarter of 2003, down from $17.5 million in the second quarter last year. Overture, however, reported increased revenue of $265.3 million in the second quarter of 2003, up from revenue of $152.5 million in the second quarter of 2002. Overture said in a press release that the revenue boost came from “substantial increases in paid introductions and in the average price per paid introduction.” Yahoo’s $1.6 billion acquisition of Overture is expected to close in the fourth quarter.
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