Yahoo boosted by Alibaba
STRUGGLING internet icon Yahoo last night reported sluggish revenue growth for the first quarter of 2014.
But its shares were boosted by strong revenues at Alibaba, a Chinese firm in which Yahoo has a 24 per cent stake.
Yahoo’s revenues edged up one per cent to $1.09bn (£652m) but net income fell 25 per cent to $311.6m.
Meanwhile Alibaba’s revenues surged 66 per cent to £3.06bn for the fourth quarter of its financial year.
Alibaba is expected to go public this year, giving Yahoo a chance to cash in on its investment.