Technology giant Yahoo has reported profits of $6.8bn (£4.2bn) for the three months to September, buoyed by earnings from the firm's stake in Alibaba.
Yahoo was required to sell part of its stake ahead of the Chinese firm's stock
market floatation, netting it $6.3bn.
That made up for a continuing fall in advertising sales at Yahoo.
The search company has struggled to maintain market share against rivals like Google.
Revenue from ads decreased by 5%.
But overall revenues increase by 1% to $1.15bn from the same period a year earlier, and despite the lion's share of its earnings coming from Alibaba, Yahoo's numbers were better than expected, cheering investors.
Shares in the technology giant rose over 2% in after-hours trading, following the close of the US markets.
No comments:
Post a Comment