Yahoo's 1st-Qtr Revenue Jumps 22%

Earnings Reuters

FILE - This Jan. 14, 2015, file photo shows a sign outside Yahoo's headquarters in Sunnyvale, Calif. A new lawsuit accuses Yahoo of turning its back on Chinese dissidents that it promised to help after the company fingered other activists at the ... request of China's government. The allegations are outlined in a lawsuit filed Tuesday, April 11, 2017, in a Washington, D.C., federal court by a group of dissidents who contend Yahoo mismanaged a $17 million fund set up to provide them with financial aid. Yahoo created the fund a decade ago after being skewered in the U.S. Congress for its conduct in China. (AP Photo/Marcio Jose Sanchez, File) (AP)

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

Continue Reading Below

Yahoo said revenue from Mavens - the mobile, video, native and social advertising units that it has touted as key emerging businesses - rose 35.6 percent 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. 

Continue Reading Below

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar)

What do you think?

Click the button below to comment on this article.