Yahoo posted lower revenue and earnings on Tuesday, as prices for its display ads dropped 7 per cent from the year-earlier quarter.
The struggling web pioneer said it earned $297 million in the third quarter compared to $3.16 billion a year ago, when it booked a $2.8 billion gain from the sale of shares in Chinese commerce firm Alibaba. Revenue reached $1.081 billion, compared to $1.089 billion in the same period a year ago.
“I’m very pleased with our execution, especially as we’ve continued to invest in and strengthen our core business,” said Yahoo chief executive Marissa Mayer.
“Now with more than 800 million monthly users on Yahoo – up 20 per cent over the past 15 months – we’re achieving meaningful increases in user engagement and traffic.”