Yahoo Inc’s quarterly profits shot up by more than double to US$163 million even as it prepares for a takeover by Verizon Communications Inc.
“We remain very confident, not only in the value of our business, but also in the value Yahoo products bring to our users’ lives,” chief executive Marissa Mayer said in the earnings release, which beat expectations, despite only a slight rise in revenue.
Yahoo skipped its usual quarterly earnings call with analysts due to the pending takeover by the US telecommunication company, for which Mayer said Yahoo is busy preparing, despite recent revelations about a major data breach that might affect the deal.
Photo: Reuters
Shares were up 1.3 percent to US$42.22 in after-market trades following the earnings report release, reflecting confidence that the breach is not prompting a significant number of users to abandon Yahoo.
Revenue for the quarter that ended on Sept. 30 came to US$1.3 billion, up from US$1.2 billion in the same period a year earlier.
Mobile revenue during the quarter reached US$396 million, up from US$271 million the previous year.
“We launched several new products and showed solid financial performance across the board,” Mayer said.
The Internet pioneer in July agreed to sell its core assets to Verizon for US$4.8 billion, ending a 20-year run as an independent company.
The deal would separate the Yahoo Internet assets from its more valuable stake in the Chinese online giant Alibaba Group Holding Ltd (阿里巴巴).
However, Verizon said last week that a recently revealed hack affecting 500 million Yahoo customers worldwide in late 2014 could have a “material” effect on the US$4.8 billion deal.
The attack was probably “state sponsored,” Yahoo said, although some analysts have questioned the source.
“We’re working hard to retain their trust and are heartened by their continued loyalty as seen in our user-engagement trends,” Mayer said of Yahoo’s users.
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