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Yahoo shares gain ground as it reassures on Verizon deal

Wednesday, October 19, 2016 6:41
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(Before It's News)

Shares in Yahoo! Inc (NASDAQ:YHOO) gained ground in pre-market after the search engine titan beat forecasts in its third quarter and reassured that the deal with communications group Verizon was on track.

Verizon had agreed to buy pressured Yahoo for US$4.8bn but the deal has been thrown into confusion after a data breach in September, which saw millions of Yahoo users hacked.

Version said it could have a “material impact” on the plan to buy the company and could lead to a possible dissolution of the deal or renegotiation on price.

But Marissa Mayer, Yahoo chief executive, said in a statement that the firm was proceeding with preparations for the merger and that it was working hard to regain users trust.

The group posted earnings of US$162.8mln or 20 cents a share, which was six cents ahead of consensus. Last year earnings were US$76.3mln.

Shares in New York in Yahoo added 1.03% to US$42.11 in pre-market trading.

In contrast, shares in chip maker and data giant  Intel Corp (NASDAQ:INTC) dropped 4.66% in pre-market, after its third quarter numbers failed to impress and it gave lower  revenue guidance.

The group said it expects US$15.7bn in the fourth quarter – but consensus had analysts forecasting US$15.87bn.

Story by ProactiveInvestors

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