Yahoo profits from Alibaba sale
Yahoo Inc reported net income of 6.8 billion dollars for the third quarter, up from 297 million dollars in the third quarter of 2013, the California-based company said Tuesday.
The profit includes a 6.3-billion-dollar gain from Yahoo’s sale of a stake in the Alibaba Group, as part of the Chinese company’s initial public offering in September.
Revenue increased by 1 per cent to 1.148 billion dollars for the quarter, up from 1.139 billion dollars a year earlier.
“We achieved this revenue growth through strong growth in our new areas of investment – mobile, social, native and video – despite industry headwinds in some of our large, legacy businesses,” Yahoo chief executive Marissa Mayer said.
Yahoo reported that mobile revenue was more than 200 million dollars in the third quarter. The company said it expected mobile revenues for the full year to exceed 1.2 billion dollars.
Yahoo shares rose as much as 4 per cent in extended trading.
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