Jenni Baker, London
During the first three months under its new leadership, Yahoo has reported a 2% rise in revenues to $1.09bn, versus $1.07bn for the same period in 2011.
Net profit in the third quarter soared to $3.2bn, up from $298m for the same period last year.
The reason for the increase in profit owes largely to the sale of Yahoo’s stake in Chinese e-commerce business Alibaba, without which Yahoo would have achieved income of $177m.
Display revenue for the quarter was $452m, flat compared with the third quarter in 2011 and search revenue accounted for $414m in revenue, an 11% increase over the same period last year.
The results are the first to be released since Marissa Mayer joined Yahoo as chief executive back in July in an attempt to revive the ailing internet giant’s fortunes.
Mayer took up her post at the company on the same day that Yahoo’s Q2 results came out, when revenues remained flat and net income was down from the year previous. According to the company, Yahoo still has approximately 700 million visitors to the website each month.
“Yahoo had a solid third quarter, and we are encouraged by the stabilisation in search and display revenue,” says Mayer. “We’re taking important steps to position Yahoo for long-term success, and we’re confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders.”
During the last three months, Yahoo has seen a number of changes at the top including the appointment of Henrique de Castro as chief operating officer, Ken Goldman as chief financial officer and Kathy Savitt as chief marketing officer, among others.
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