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| Yahoo shares surge despite falling profits | Yahoo shares surge despite falling profits |
| (35 minutes later) | |
| Shares in struggling internet search giant Yahoo jumped 9% despite a 20% fall in first quarter earnings. | 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. | 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. | 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. | "I am really pleased by our first quarter performance," said chief executive Marissa Mayer in a statement. |
| Yahoo also reported that it had 430 million 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. | Yahoo also reported that it had 430 million 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. |
| It also increased its total workforce by 8% to 12,400 global employees. | It also increased its total workforce by 8% to 12,400 global employees. |
| Alibaba | Alibaba |
| In contrast to Yahoo's falling, Chinese internet giant Alibaba, of which Yahoo owns a 24% share, reporting surging revenues. | In contrast to Yahoo's falling, Chinese internet giant Alibaba, of which Yahoo owns a 24% share, reporting 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. | 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'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. | 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. | The share float could raise as much as $15bn, making it the biggest technology company debut since Facebook's stock sale in 2012. |