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Yahoo revenue rises 6.5%; net income rises to $162.8 million

Last Updated: Wednesday, October 19, 2016 - 09:19
Yahoo revenue rises 6.5%; net income rises to $162.8 million

Yahoo Inc reported a 6.5 percent rise in quarterly revenue on Tuesday, positive news for the beleaguered company whose deal to sell its core business to Verizon Communications Inc has been shaken by a massive data breach.

Verizon`s general counsel said last week that the hack, which affected at least 500 million email accounts in 2014, could have a material impact, possibly allowing Verizon to withdraw from the $4.83 billion deal.

Yahoo`s revenue rose to $1.31 billion in the third quarter ended Sept. 30 from $1.23 billion a year earlier. After deducting fees paid to partner websites, revenue fell to $857.7 million from $1 billion.

Net income attributable to Yahoo rose to $162.8 million, or 17 cents per share, from $76.3 million, or 8 cents per share, a year earlier.

Yahoo said on Friday it would not hold a call or webcast after the release of the results, citing the Verizon deal.

Reuters
First Published: Wednesday, October 19, 2016 - 09:19
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