Yahoo reports jump in quarter revenue, boosted by mobile

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Yahoo has reported a 22.1% increase in quarterly revenue this week, which comes as little surprise to analysts given the company’s upcoming sale of its Internet business to Verizon Communications.

Overall revenue increased to $1.33 billion from $1.09 billion.

The company’s core business Mavens, which combines its mobile, video and social advertising tools, rose a solid 35.6% to $529 million during Q1 2017.

Yahoo said it doubled the number of users for its Yahoo Account Key during the first quarter of 2017, which makes signing into a Yahoo account easier on mobile devices.

In addition, it updated Yahoo Answers Now with engagement features such as social sharing and notifications and rolled out a mobile bot assistant called Captain to help users.

GAAP mobile revenue for the quarter increased significantly from $260 million in 2016 to $412 million in 2017.

Mobile revenue made up 32% of traffic-driven revenue in Q1 2017. Gross mobile revenue was $447 million.

Marissa Mayer, CEO of Yahoo, said in a statement:

“Our Q1 performance reflects solid financial and operational execution in the new year, with more than $1.3 billion in GAAP revenue delivered. These results are the product of our teams’ tremendous focus and dedication to our users and advertisers. As we enter our final quarter as an independent company, we are committed to finishing strong and planning for the best possible integration with Verizon. With the transaction anticipated to complete in June, I’ve never been more proud of the improvements we’ve made to the business and the value we’ve delivered to our shareholders.”