Yahoo Inc reported a net income of $312 million for the first quarter of 2014, a 20-per-cent drop from the first quarter a year earlier, the California-based company said on Tuesday.
Revenue was $1.133 billion for the first quarter, a 1-per-cent decrease from the first quarter of 2013.
Revenue, excluding that passed on to partner sites, was $1.087 billion for the first quarter, a 1-per-cent increase from the first quarter of 2013.
“Q1 was an early and important sign of growth in our core business,” Yahoo chief executive Marissa Mayer said. “And, with mobile pivotal to our future growth, we’re delighted to now see more than 430 million monthly mobile users accessing Yahoo’s new products.” Yahoo’s stake in Alibaba Group Holdings Ltd, the largest Chinese e-commerce company, is helping the company somewhat out of its slump.
Yahoo owns about 24 per cent of Alibaba, which reported net income of $1.364 billion in 2013, a 110-per-cent increase to the previous year, according to Yahoo’s statement.
Yahoo shares rose 2.3 per cent to close at $34.21.