(MENAFN) Search engine giant Yahoo announced posting a profit surge in the third quarter with its sale of shares in Chinese Internet powerhouse Alibaba, Oman Observer reported.
Net profit soared to USD6.8 billion, which included USD6.3 billion from its Alibaba shares. But profits were stronger than expected, and pumped up Yahoo shares by 3.1 percent in after-hours trade.
Meanwhile, revenue from operations inched up by 1 percent to USD1.15 billion during the cited period, according to third quarter results welcomed by Yahoo's chief executive.
"We achieved this revenue growth through strong growth in our new areas of investment, mobile, social, native and video, despite industry headwinds in some of our large, legacy businesses," she added.
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