Yahoo’s revenue jumps by 22% in Q1

Yahoo reported a 22.1 percent-increase in quarterly revenue on Tuesday, ahead of the sale of its core internet business to Verizon Communications.

Yahoo said revenue from Mavens- the mobile, video, native and social advertising units that it has touted as key emerging businesses- rose 35.6 percent to $529 million in the first quarter ended March 31.

Net income attributable to Yahoo was $99.4 million, or ten cents per share in the quarter, compared with a net loss of $99.2 million, or ten cents per share, a year earlier.

Revenue rose to $1.33 billion from $1.09 billion.

Verizon in February agreed to buy Yahoo’s core business- which includes its internet search and email assets- for $4.48 billion, lowering its original offer by $350 million, in the wake of two massive cyber attacks at the internet company.

Yahoo said on Tuesday it expects the deal to close in June.

Source: Reuters