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Apr 18, 2017

Yahoo reports 22.1% revenue increase ahead of Internet deal with Verizon

A person walks in front of a Yahoo sign at the company's headquarters in Sunnyvale, California

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Yahoo Inc (YHOO.O) reported a 22.1 per cent 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 per cent to US$529 million in the first quarter ended March 31.

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

Revenue rose to US$1.33 billion from US$1.09 billion.

Verizon in February agreed to buy Yahoo's core business Wwhich includes its internet search and email assets for US$4.48 billion, lowering its original offer by US$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.