Shares of Taboola.com (NASDAQ: TBLA) soared on Wednesday, driven by a solid earnings report. As of 1:40 p.m. ET, the stock was up by 16.1%.

The average Wall Street analyst covering the stock expected Taboola to report a net loss of $0.04 per share in the third quarter, with approximately $345 million in revenue. Instead, Taboola posted positive earnings of $0.02 per share on revenue of $360 million. Those results also exceeded the top end of management's guidance ranges.

Taboola's C-suite team highlighted stronger demand for digital ad space along with rising interest in add-on services such as Taboola's news service and e-commerce platform. In particular, the company's exclusive advertising partnership with Yahoo is bearing fruit.

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Source Fool.com