Marissa Mayer puts Yahoo back on track as earnings soar by 46%
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Wednesday 17 July 2013
Yahoo’s earnings rose by 46 per cent in the second quarter, the company said last night as its chief executive, Marissa Mayer, marked one year at the helm of the internet business that is trying to win back the attention of web users.
The firm booked $1.07bn in net revenues in the three months to the end of June, slightly lower than last year, while net earnings climbed by 46 per cent to $331.2m.
The results come as Ms Mayer, 38, who in July 2012 was named Yahoo’s sixth chief executive in a span of just five years, continues to rejuvenate a business that in recent years had struggled to keep up with rivals such as Google, where she used to work.
From the outset, her pitch was about refocusing Yahoo on certain core areas such as mobile data and video.
The former, in particular, has emerged a key preoccupation at the new Yahoo, and among the highlights of Ms Mayer’s first year in charge was the company’s acquisition of Summly, the mobile application created by a London teenager, Nick D’Aloisio, to help users easily summarise information for online articles.
Yahoo reportedly paid $30m for the app as it repositions itself to compete in the fast-growing market for online services accessed via smartphones and electronic tablets.
In all, Ms Mayer, who was among Google’s earliest employees, has completed 17 deals, including the acquisition of the blogging site Tumblr for more than $1bn.
Much, however, remains to be done. Although Yahoo’s share price has booked strong gains since she took over, it will take some time before the full impact of the acquisitions is apparent.
Last night’s results showed that net revenues from Yahoo’s display advertising business declined by 11 per cent over the quarter, while the price-per-ad, excluding Korea, decreased by about 12 per cent.
- 1 Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
- 2 Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
- 3 Amal Clooney gives excellent response to fashion question at European Court of Human Rights
- 4 A bottle of wine a day is not bad for you and abstaining is worse than drinking, scientist claims
- 5 Isis publicly behead man in Syrian town square for 'insulting Allah' as he screams for help
Saudi preacher who 'raped and tortured' his five -year-old daughter to death is released after paying 'blood money'
Michelle Obama highlights harsh restrictions faced by Saudi women after meeting King Salman without wearing a headscarf
Amal Clooney gives excellent response to fashion question at European Court of Human Rights
Sir David Attenborough interview: The one question about life that still baffles him
Isis publicly behead man in Syrian town square for 'insulting Allah' as he screams for help
9 reasons Greece's experiment with the radical left is doomed to failure
'We would evict Queen from Buckingham Palace and allocate her council house,' say Greens
Greece elections: Syriza and EU on collision course after election win for left-wing party
British Muslim school children suffering a backlash of abuse following Paris attacks
British grandmother Lindsay Sandiford faces execution by firing squad in Indonesia
Liberal Democrat minister defends comments suggesting immigration causes pub closures
iJobs Money & Business
£13000 per annum: Recruitment Genius: This Pension Specialist was established ...
£23000 - £26000 per annum + Benefits: Ashdown Group: Market Research Executive...
£25000 - £35000 per annum: Recruitment Genius: A Technical Report Writer is re...
Competitive salary & benefits!: MBDA UK Ltd: MBDA UK LTD Indirect Procurement...