Yahoo! profit spikes with Alibaba stake sale
Purchase this article for republication
Buy SPH photos
This Wednesday, Oct 17, 2012, photo, shows a sign in front of Yahoo! headquarters in Sunnyvale, California, Wednesday, Oct 17, 2012. Yahoo has ushered in Marissa Mayer as its new CEO with a third-quarter earnings report that topped analyst estimates. -- PHOTO: AP
SAN FRANCISCO (AFP) - Yahoo! on Monday reported that its quarterly profit rocketed above US$3 billion (S$3.7 billion), fueled by the sale of part of its stake in Chinese e-commerce giant Alibaba.
Alibaba last month announced that it bought back billions of dollars worth of stock from Yahoo! in a step toward independence from the US Internet pioneer.
The California company's revenue from display advertising was little changed from the same quarter last year but Yahoo! reported its income from ads served up with online search results was up 11 per cent.
The earnings topped Wall Street expectations and Yahoo! shares climbed nearly three percent to US$16.20 in after-market trading on the Nasdaq.
Related Stories
