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Yahoo reports rise in profits under new boss

  • Yahoo has reported a 2 percent rise in revenues for the first three months under the leadership of new chief executive Marissa Mayer.

    The Internet group's revenues for the third quarter sat at $1.09 billion, compared to $1.07 billion for the same period of last year.

    Yahoo's net profit skyrocketed to $3.2 billion, up from $298 million the previous year.

    Much of that profit came through its stake in the Chinese e-commerce firm Alibaba.

    Excluding the sale of the Alibaba shares, Yahoo says it achieved an income of $177 million.

    The announcement comes as good news for Meyer, who is looking to revive the company’s growth.