Yahoo revenue jumps 22% ahead of Verizon deal closing
Ahead of the sale of its core internet business to US wireless communications service provider Verizon, Yahoo on Tuesday reported 22.1 percent increase in revenue for the 2017 first quarter ending March.
It was higher than the $1.23 billion analysts had predicted.
"Our Q1 performance reflects solid financial and operational execution in the new year, with more than $1.3 billion in GAAP revenue delivered. These results are the product of our teams' tremendous focus and dedication to our users and advertisers," Marissa Mayer, CEO of Yahoo, said in a statement.
Yahoo was acquired by Verizon for $4.8 billion in July last year.
"As we enter our final quarter as an independent company, we are committed to finishing strong and planning for the best possible integration with Verizon," she added.
Yahoo has introduced several key features in last one year, doubling the number of users enrolled in Yahoo Account and allowing them to easily sign into their accounts using mobile phones.
It also launched "Captain" on Facebook Messenger, a mobile bot assistant to help users manage lists and reminders and coordinate family or group activities.
Yahoo introduced new features on Yahoo Mail including Caller ID to integrate contact information from emails, and improved email search to surface most relevant "Top Results".
It also livestreamed coverage of the US Presidential Inauguration on Yahoo News, the NBA Trade Deadline on Yahoo Sports' The Vertical, and Yahoo's inaugural All Markets Summit on Yahoo Finance.
Yahoo continues to work with Verizon on integration planning for the sale of its operating business.
The company anticipates the closing to happen in June this year.
"With the transaction anticipated to complete in June, I've never been more proud of the improvements we've made to the business and the value we've delivered to our shareholders," Mayer added.
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