Search Engine and Online Advertising Company Yahoo! Sees Third-Quarter Earnings Exceed Expectations
A report in the Financial Times has suggested that search engine and online advertising company Yahoo! has seen third-quarter earnings exceed expectations. The news saw the company’s shares rise in value by 5.4% in after-hours trading on the New York Stock Exchange.
Yahoo!’s sale of shares in Alibaba prior to its recent IPO was seen as the primary reason for the earnings increase, while increased revenue from mobile advertising was also a major contributor. Yahoo!’s Chief Executive Officer Marissa Mayer reportedly suggested it had been a “good, solid third quarter”. Yahoo! made $6.3 billion from the sale of Alibaba shares while revenue from mobile advertising increased to $200 million with estimated gross revenues of over $1.2 billion expected this year.
The news provides some respite for Ms. Meyer who has previously made a number of acquisitions to strengthen Yahoo!’s performance, and also revised the company’s product portfolio. These efforts had not previously translated into increased revenues. “We have invested deeply in mobile and we are seeing those investments pay off. Not only are our mobile products attracting praise and engagement from users and industry awards, they are generating meaningful revenue for Yahoo,” Ms. Mayer was reported as saying.
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