Yahoo reports big loss, writes down Tumblr value
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.