Yahoo shares jump despite profit fall

Shares in struggling internet search giant Yahoo jumped 9% despite a 20% fall in first-quarter earnings. The company's profits of $312m (£187m) still beat expectations. Yahoo also said revenue from display advertising increased by 2% to $409m, the first rise in some time. Overall, first quarter revenue was $1.1bn, the best since 2010. "I am really pleased by our first-quarter performance," said chief executive Marissa Mayer in a statement. Yahoo also reported that it had 430 milln monthly mobile users who accessed Yahoo products, a crucial measure as the firm seeks to catch up with Facebook and Google to attract mobile advertising. Continue reading the main story Yahoo! Inc. Last Updated at 17 Apr 2014, 21:00 *Chart shows local time price change % 36.38 + +0.03 + +0.08 It also increased its total workforce by 8% to 12,400 global employees. Alibaba In contrast to Yahoo's earnings fall, Chinese internet giant Alibaba, of which Yahoo owns a 24% share, reported surging revenues. These increased by 66% in the fourth quarter of 2013 to $3.06bn, compared with $1.84bn during the same period a year earlier. Profits increased 110% to $1.4bn, compared with $642m a year earlier. Alibaba's fourth quarter earnings were released as part of Yahoo's report. Alibaba, China's largest internet company, is expected to complete a public share sale sometime this summer on a US exchange. The share float could raise as much as $15bn, making it the biggest technology company debut since Facebook's stock sale in 2012.

Yahoo shares jump despite profit fall 2014-04-20T12:01:00-07:00 Rating: 4.5 Diposkan Oleh: Undercover 999