Yahoo has released its second-quarter financial results, just missing out on revenue expectations. The online giant made $609.1 million - excluding the money spent on "traffic acquisition costs", a Yahoo neologism that accounted for an incredible $233 million. The expectation was $609.9m - double what it made this time last year.

"In Q2, we delivered the best quarter in Yahoo's history," said Yahoo head Terry Semel. "The past year has been a period of unprecedented growth, with this our fifth straight quarter of record revenues." He went on that Yahoo has an "extremely healthy and diversified business model" and that its two core business - advertising and premium consumer services - are both performing very well.

Semel put the increases down to Yahoo's introduction of new products and services, and enhancement of existing products and services. In reality, though, the results are a demonstration that the Internet is maturing as a medium and that the traditional aversion to paying for online products and services is drawing to a close.

Semel was in full flow though: "It's a win-win equation. With great products and services, we accomplish two things. We provide better choices to our existing consumers, which encourages them to spend more time on Yahoo, using both our free and paid services. Second, these products and services act as a magnet to attract new consumers to our network," he said. "As this cycle continues, we expand our truly unique and effective advertising platform."

Semel highlighted Yahoo's expansion of its search technology, the introduction of a revamped Yahoo Messenger service and improvements to its Web-based e-mail service. Interestingly though, he doesn't mention the various security problems it has had with them.

Of the 300 million users Yahoo has, about 146 million are active registered users - up five million on the preceding quarter. Of them, about 6.4 million pay for at least one Yahoo service, Semel said.