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Yahoo's first quarter revenue jumps 22%

Written by Business World, on 19th Apr 2017. Edited on 20th Apr 2017 Posted in Technology

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Yahoo Inc reported a 22.1% increase in quarterly revenue on Tuesday, ahead of the sale of its core internet business to Verizon Communications Inc .

Yahoo said revenue from Mavens - the mobile, video, native and social advertising units that it has touted as key emerging businesses - rose 35.6% to $529 million in the first quarter ended March 31.

Net income attributable to Yahoo was $99.4 million, or 10 cents per share in the quarter, compared with a net loss of $99.2 million, or 10 cents per share, a year earlier.

Revenue rose to $1.33 billion from $1.09 billion.

Verizon in February agreed to buy Yahoo's core business —which includes its internet search and email assets — for $4.48 billion, lowering its original offer by $350 million, in the wake of two massive cyber attacks at the internet company.

Yahoo said on Tuesday it expects the deal to close in June. (Reuters)

Source: www.businessworld.ie

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