Ya­hoo re­ports big loss, writes down Tum­blr value

The Hamilton Spectator - - BUSINESS -

Ya­hoo’s lat­est earn­ings re­port leaves no doubt the In­ter­net com­pany is stuck in a down­ward spi­ral. The com­pany man­aged to beat Wall Street’s lim­ited ex­pec­ta­tions for the April-June quar­ter. But af­ter sub­tract­ing com­mis­sions paid to its part­ners, Ya­hoo says its rev­enue fell 19 per cent from a year ear­lier, while its loss widened to $440 mil­lion. In­vestors are wait­ing to hear about the com­pany’s plans, af­ter Ya­hoo’s board be­gan so­lic­it­ing bids from prospec­tive buy­ers ear­lier this year. Monday was the dead­line for fi­nal of­fers. Ya­hoo also re­ported Monday that it’s writ­ing down $482 mil­lion in im­pair­ment charges re­lated to the de­clin­ing value of Tum­blr, the so­cial me­dia site that Ya­hoo ac­quired for $1.1 bil­lion in 2013.

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