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Yahoo's results, released after the markets closed, drove its shares up 4% to $23.70 in after-hours trading. Its shares have more than doubled since October.

Yahoo on Wednesday reported quarterly results that breezed past analysts' expectations -- further indication that it is turning around despite a weak economy.

The Internet leader earned $46.7 million, or 8 cents a share, in its first quarter. Analysts expected earnings of 6 cents a share. Last year, Yahoo lost $53.6 million in the quarter.

"Yahoo is not only healthy, it's thriving," says analyst Mark Zadell of Blaylock & Partners. He expects Yahoo's advertising revenue, which withered during the dot-com meltdown, to grow 13% to $580 million in 2003. The overall ad market is expected to grow 2.5%.

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