Yahoo's Profit Soars on Alibaba Gain |
| Wall Street Journal - Oct 22, 2012 |
Yahoo Inc.'s YHOO -0.44%third-quarter earnings soared as the Internet media company recorded a large gain from its recent sale of Alibaba Group Holding Ltd. shares, while search and display revenue improved slightly.
Shares jumped 2.9% to $16.22 in recent after hours trading as adjusted results topped analyst expectations.
The earnings report was the first since Yahoo named longtime Google Inc. GOOG -0.46%executive Marissa Mayer as its new chief executive in July. Ms. Mayer, the company's third permanent CEO within a year, has recruited several former Google executives to join Yahoo as she puts her stamp on the company.
Amid the ongoing turnover in its top executive ranks, Yahoo has been struggling to compete with peers like Google and younger companies like Facebook Inc. FB +1.69%in its core business of online-display advertising, while suffering a steady loss of search-market share.
Read Full Article from Wall Street Journal
- Posted: 2012-10-22 17:45:09
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