Yahoo continues to make strides under the leadership of Marissa Mayer, though it's the company's stake in Chinese online retailer Alibaba (which may soon IPO) that's proving to be particularly valuable.
Yahoo said Oct. 15 that it had earned 34 cents a share on $1.08 billion in revenue for Q3 2013, beating analysts' expectations of 33 cents a share. Yahoo also revealed that it will not have to sell as large of a stake of Alibaba upon its expected IPO as the company had previously agreed to.
"Yahoo has always believed in the long-term potential and value of Alibaba, and we are pleased to maintain a larger stake in the company's future. We look forward to continued partnership with Jack, Joe and the entire Alibaba team." Jacqueline D. Reses, Chief Development Officer at Yahoo
During her Q3 2013 video conference call, Yahoo CEO said the company is now reaching "more customers than ever before," noting a 20% increase in traffic in the past 15 months. Yahoo also said that Tumblr is outpacing the traffic projections it set earlier in the year.
Yahoo said Nov. 19 that it had increased its share buyback plan by $5 billion. (The company has already bought back some $5.3 billion in shares in 2013, including $1.7 billion in Q3 2013.) The company also said that it would sell $1 billion in convertible notes that are due in 2018.
Mayer, who officially joined Yahoo on July 16, 2012, has so far focused on the company's efforts to overhaul its product lineup in a bid to attract new users. Yahoo in recent months has purchased several companies, including Tumblr and Summly, and redesigned several of its apps and services.
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