Yahoo’s first-quarter revenue jumps 22 percent

Yahoo Inc (YHOO.O) reported a 22.1 percent increase in quarterly revenue on Tuesday, ahead of the sale of its core internet business to Verizon Communications Inc (VZ.N).

Yahoo said revenue from Mavens – the mobile, video, native and social advertising units that it has touted as key emerging businesses – rose 35.6 percent to $529 million in the first quarter ended March 31.

Net income attributable to Yahoo was $99.4 million, or 10 cents per share in the quarter, compared with a net loss of $99.2 million, or 10 cents per share, a year earlier.

Revenue rose to $1.33 billion from $1.09 billion.

Verizon in February agreed to buy Yahoo’s core business —which includes its internet search and email assets — for $4.48 billion, lowering its original offer by $350 million, in the wake of two massive cyber attacks at the internet company.

Yahoo said on Tuesday it expects the deal to close in June.

(Reporting by Laharee Chatterjee in Bengaluru; Editing by Sai Sachin Ravikumar)

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