Business

Yahoo's first-quarter revenue jumps 22 percent

Yahoo's first-quarter revenue jumps 22 percent
File photo of a man walking past a Yahoo logo during the Mobile World Congress in Barcelona. Photo: Reuters
Published: 5:00 AM, April 19, 2017

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

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. REUTERS