Yahoo! reports large profitsApril 23rd, 2008 - 2:35 pm ICT by admin
New York, April 23 (DPA) Internet company Yahoo! Corp has got a boost in its negotiations with Microsoft, reporting a tripling in earnings in the first quarter over the same period last year, to $542 million. Revenues climbed 9 percent to $1.82 billion, Yahoo! said after markets closed, in a report Tuesday from its headquarters in Sunnyvale, California.
The figures exceeded analysts’ expectations, and share prices climbed 1 percent to $28.80 - a trump card in valuation of the company in the bargain with Microsoft.
Microsoft offered to buy Yahoo! for $45 billion, to fend off the rising dominance of Google in online searches and Internet advertising. Yahoo! has rejected the offer as too low.
An ultimatum from Microsoft for a response from Yahoo! runs out this weekend.
If no deal is reached by then, Microsft is planning a hostile takeover to beat down Yahoo! management’s resistance.
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