This article is from the source 'bbc' and was first published or seen on . It will not be checked again for changes.
You can find the current article at its original source at http://news.bbc.co.uk/go/rss/-/1/hi/business/7361931.stm
The article has changed 3 times. There is an RSS feed of changes available.
Version 0 | Version 1 |
---|---|
Yahoo reports a jump in profits | Yahoo reports a jump in profits |
(40 minutes later) | |
Yahoo, fending off a takeover bid from software giant Microsoft, said its profits tripled in the first three months of 2008. | Yahoo, fending off a takeover bid from software giant Microsoft, said its profits tripled in the first three months of 2008. |
The internet firm reported income of $542.2m (£271.5m) compared with $142.4m in the same period a year earlier. | The internet firm reported income of $542.2m (£271.5m) compared with $142.4m in the same period a year earlier. |
Yahoo is seeking to prove it is worth more than Microsoft's unsolicited $44.6bn (£22.3bn) offer. | Yahoo is seeking to prove it is worth more than Microsoft's unsolicited $44.6bn (£22.3bn) offer. |
But despite beating forecasts, Yahoo's performance did not convince analysts that the firm merited a better bid. | But despite beating forecasts, Yahoo's performance did not convince analysts that the firm merited a better bid. |
"This is better than (Wall) Street was expecting. This might pose some issues for Microsoft," said Jeffrey Lindsay, analyst at Sanford C Bernstein & Co. | "This is better than (Wall) Street was expecting. This might pose some issues for Microsoft," said Jeffrey Lindsay, analyst at Sanford C Bernstein & Co. |
"It's less likely Microsoft would succeed with a lower bid. They wouldn't be able to reduce their price." | "It's less likely Microsoft would succeed with a lower bid. They wouldn't be able to reduce their price." |
Perhaps these figures don't change the game much. Yahoo is still being backed into a corner by its giant unwelcome suitor, and nobody is rushing to its rescue. Rory Cellan-Jones, BBC technology correspondent Read Rory's thoughts in full | |
Yahoo's profits were helped by a $401m gain from the sale of a stake in Chinese internet company Alibaba.com. | Yahoo's profits were helped by a $401m gain from the sale of a stake in Chinese internet company Alibaba.com. |
"Microsoft is breathing a sigh of relief. Even though these are solid results, given long and short term challenges, there's been no overall shift in Yahoo's business," said Jim Friedland, analyst at Cowen & Co. | "Microsoft is breathing a sigh of relief. Even though these are solid results, given long and short term challenges, there's been no overall shift in Yahoo's business," said Jim Friedland, analyst at Cowen & Co. |
'Open to all alternatives' | |
Yahoo chief executive and co-founder, Jerry Yang, said the firm remained opened to forging a deal with Microsoft but it is also continuing to explore other options. | |
"Our board and management team continue to be open to any and all alternatives, including a Microsoft deal," Mr Yang said. | |
Earlier Microsoft chief executive Steve Ballmer said the company will hold firm on its offer for Yahoo regardless of whether Yahoo's quarterly results impress or disappoint investors. | Earlier Microsoft chief executive Steve Ballmer said the company will hold firm on its offer for Yahoo regardless of whether Yahoo's quarterly results impress or disappoint investors. |
Microsoft has warned if its deal is not accepted by 26 April, it would mount a hostile takeover at a lower price. | Microsoft has warned if its deal is not accepted by 26 April, it would mount a hostile takeover at a lower price. |
To frustrate Microsoft's bid or extract a higher offer, Yahoo has sought to strike alliances with other firms. | To frustrate Microsoft's bid or extract a higher offer, Yahoo has sought to strike alliances with other firms. |
Earlier this month, Yahoo announced a two-week experiment that will see the firm share advertising space with rival Google. | Earlier this month, Yahoo announced a two-week experiment that will see the firm share advertising space with rival Google. |
During the pilot, Google will be able to place ads alongside 3% of search results on Yahoo's website. | During the pilot, Google will be able to place ads alongside 3% of search results on Yahoo's website. |