Ya­hoo prof­its up ahead of Ver­i­zon deal

The Myanmar Times - - International Business -

YA­HOO’S quar­terly prof­its shot up by more than dou­ble to US$163 mil­lion even as it pre­pares for a take over by US telco Ver­i­zon.

“We re­main very con­fi­dent, not only in the value of our busi­ness, but also in the value Ya­hoo prod­ucts bring,” the com­pany’s chief ex­ec­u­tive Marissa Mayer said in the earn­ings re­lease, which beat ex­pec­ta­tions de­spite only a slight rise in rev­enue.

Ms Mayer said Ya­hoo is busy pre­par­ing for the Ver­i­zon takeover de­spite re­cent rev­e­la­tions about a ma­jor data breach that may af­fect the deal.

Rev­enue for the quar­ter that ended on Septem­ber 30 came to $1.3 bil­lion, up from the $1.2 bil­lion in the same pe­riod a year ear­lier.

Mo­bile rev­enue dur­ing the quar­ter reached $396 mil­lion, up from $271 mil­lion re­ported the pre­vi­ous year.

The in­ter­net pioneer agreed in July to sell its core as­sets to Ver­i­zon for $4.8 bil­lion. The deal would sep­a­rate the Ya­hoo in­ter­net as­sets from its more valu­able stake in Chi­nese on­line gi­ant Alibaba.

Ver­i­zon said last week that a re­cently re­vealed hack af­fect­ing 500 mil­lion Ya­hoo cus­tomers world­wide could have a “ma­te­rial” ef­fect on the $4.8 bil­lion deal. –

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