February 4, 2016
Yahoo to Cut 15% of WorkforceYahoo announced a restructuring that will eliminate 15% of its workforce or about 1,700 workers and close offices in five countries.
By the end of 2016, the Company anticipates having approximately 9,000 employees and fewer than 1,000 contractors. This represents a workforce that is roughly 42 percent smaller than it was in 2012 and will result in savings of $400 million annually.
The company will close offices in Dubai, Mexico City, Buenos Aires, Madrid, and Milan.
Yahoo said it plans to streamline services to reduce costs and improve efficiency. For consumer products, Yahoo will focus on three categories: Search, Mail, and Tumblr, and four verticals: News, Sports, Finance and Lifestyle in growth markets like the U.S., Canada, U.K., Germany, Hong Kong, and Taiwan. For advertisers, Yahoo will be defined by two core offerings: Gemini and BrightRoll. Gemini combines search and native ads for superior results, while BrightRoll offers programmatic buying and selling tools for video, display and native advertising.
For Yahoo's search business, the company says mobile search is the biggest opportunity. Yahoo will shift most of the resources in this area toward more forward-leaning mobile search investments, positioning it to redefine search for mobile devices, which will help drive sustainable long-term growth and differentiation.
The company is also looking to sell assets that could generate $1 billion or more.
January 26, 2016
Yahoo Debuts New Katie Couric Video SeriesYahoo is introducding a new video series called Cities Rising: Rebuilding America, hosted by Yahoo Global News Anchor Katie Couric, The series takes an in-depth look at urban renewal, positive changes and growth in cities across America. H&R Block is the exclusive sponsor for the videos.
In the new series, Couric visits different cities and explores how each is making pivotal changes to reinvent itself and reinvigorate the lives of the people in those communities. The series kicks off with a visit to Buffalo, NY, followed by New Orleans, LA; Oakland, CA; Houston, TX; Pittsburgh, PA; and Detroit, MI.
In the first episode, Couric stops in Buffalo, NY, where the city that was once the eighth largest city in the country is staging a major comeback. During Couric's tour of Buffalo, she visits Canalside, the heart of Buffalo's waterfront revitalization; 43North, the world's largest business idea competition, that is revitalizing Buffalo and bringing in the best and brightest entrepreneurs and startups from around the globe; The West Side Bazaar, a small business incubator supporting entrepreneurs on their paths to becoming successful business owners; and Larkin Square which lies in the heart of "Larkinville", a whimsical public square, that is part of the redevelopment of Buffalo's Larkin District.
New episodes of Cities Rising: Rebuilding America will publish every other week on Yahoo. Episodes and additional clips are available at yahoo.com/cities-rising.
December 9, 2015
Yahoo Decides Not to Spin Off Alibaba StakeYahoo announced that its Board of Directors, after careful review and consideration of how to best drive long-term value for shareholders, has unanimously decided to suspend work on the pending plan, announced in January of 2015, to spin off the company's remaining holdings in Alibaba Group Holding Limited. The Board will now evaluate alternative transaction structures to separate the Alibaba stake, focusing specifically on a reverse of the previously announced spin transaction.
In the reverse spin off, Yahoo's assets and liabilities other than the Alibaba stake would be transferred to a newly formed company, the stock of which would be distributed pro rata to Yahoo shareholders resulting in two separate publicly-traded companies. Yahoo likely faced a significant tax bill by spinning off its Alibaba stake.
"We believe that the previously announced spin off would be tax free to Yahoo and its shareholders," said Maynard Webb, Chairman of Yahoo's Board of Directors. "However, in consideration of developments since the original spin off plan was announced and after significant deliberations, we are suspending work on the Aabaco spin off. Among other factors, we were concerned about the market's perception of tax risk, which would have impaired the value of Aabaco stock until resolved. Informed by our intimate familiarity with Yahoo's unique circumstances, the Board remains committed to accomplishing the significant business purposes and shareholder benefits that can be realized by separating the Alibaba stake from the rest of Yahoo. To achieve this, we will now focus our efforts on the reverse spin off plan."
"In addition to our efforts to increase value and diminish uncertainty for investors, the ultimate separation of our Alibaba stake will be important to our continued business transformation," said Marissa Mayer, CEO of Yahoo. "In 2016, we will tighten our focus and prioritize investments to drive profitability and long-term growth. A separation from our Alibaba stake, via the reverse spin, will provide more transparency into the value of Yahoo's business."
October 27, 2015
Yahoo Says 33 Million Watched NFL StreamYahoo and the National Football League (NFL) announced that the first free, global live stream of a regular season NFL game reached over 33.6 million total views across all devices on Yahoo and Tumblr. On Sunday, October 25, the Buffalo Bills faced off against the Jacksonville Jaguars, live from London's Wembley Stadium. A truly historic event, this was the first time users could access the NFL's premium content globally, without cable, authentication or TV, and over 15.2 million unique viewers tuned in. The game was played early Sunday morning at 6:30 a.m. Pacific time.
Football fans streamed over 460 million total minutes of the game, with 33% of streams coming in internationally, across 185 countries worldwide. More than 30 top brands partnered with Yahoo to kick off this new era of sports programming, making this a sold out event.
"It's been a great opportunity to partner with the NFL and deliver a truly exceptional global live streaming experience for our users," said Adam Cahan, Yahoo's SVP of Product and Engineering. "We're seeing a dramatic shift in the industry as audiences' primary video watching moves away from TV. We were thrilled to join the NFL in setting a new standard for sports programming for our users and advertisers."
Yahoo reportedly paid $17 million to the NFL to broadcast the game online. Jacksonville beat Buffalo 34-31.
August 5, 2015
Yahoo Acquires PolyvoreYahoo has agreed to acquire Polyvore, a leading social shopping site. The acquisition will enhance Yahoo's consumer and advertiser offerings -- Polyvore will strengthen Yahoo's digital magazines and verticals through the incorporation of community and commerce, and together Yahoo and Polyvore will power native shopping ads that drive traffic and sales to retailers. Broadly, Polyvore will accelerate Yahoo's Mavens growth strategy (mobile, video, native, social) through its strong offerings in social, native, and mobile.
On Polyvore, users put together sets of clothing, accessories, and lifestyle goods that express their love for style and shopping in a compelling, digital, social setting. In addition to natural integrations with Yahoo Style and Yahoo Beauty, Polyvore's strong media experience, where community-powered content is curated and actionable for shoppers, will enhance the full portfolio of Yahoo's digital magazines and verticals. When it comes to advertising, Polyvore's technology will bring a proven native ad model, new compelling native ad formats, and strong advertising relationships with more than 350 retailers to Yahoo's fast-growing native advertising platform, Yahoo Gemini.
"Polyvore has built an excellent team, a category leading product, and a strong business based on a highly engaged community," said Simon Khalaf, Yahoo's SVP of Publisher Products. "The combination of Yahoo's industry-leading digital content with Polyvore's expertise in community and commerce has outstanding potential. We are thrilled to have the Polyvore team join us."
Following the closing of the acquisition, Polyvore products and services will continue to operate. The Polyvore team will join respective Yahoo offices in Sunnyvale, San Francisco and New York and Polyvore Co-Founder and CEO Jess Lee will report directly to Simon Khalaf.
July 29, 2015
Yahoo Delivers New Livetext AppYahoo unveiled a new app in New York City today called Livetext which lets users send silent videos with text to each other.
Yahoo Livetext puts your words and your friend's real-time reactions at the center of your conversation. Whether you're watching Avicii DJ at the Creamfields Festival, at Venice Beach or taking in the view from the Eiffel Tower, you can spontaneously connect with the people you care about and invite them to experience moments with you. Your friend's goofy look or giant smile, even her eye roll or silent sigh, suddenly become a part of your conversation. Simple conversations are transformed into vivid, authentic and memorable experiences that you can share anytime.
Yahoo has been texting Livetext in Hong Kong, Taiwan and Ireland, and the company is excited about what it has heard from users so far. Starting tomorrow, the company will be releasing Yahoo Livetext in five new countries - U.S., U.K., Canada, Germany and France. It will be available for both Android and iOS users.
July 14, 2015
Yahoo Launches Daily Sports FantasyYahoo has launched the new Yahoo Sports Daily Fantasy -- one-day and one-week fantasy contests for cash prizes. For nearly two decades, Yahoo Sports has entertained fans around the world with the most engaging content, news and fantasy experiences. Now Yahoo is taking the game to the next level and giving fans what they've always wanted -- the chance to compete with their friends and win cash, everyday. With the fantasy sports launch, Yahoo becomes the first major sports site and the only technology company of its scale to offer its own Daily Fantasy experience.
"For more than 16 years, we ve built the best fantasy experience for our fans. Our users spend nearly 30 billion minutes a year playing fantasy sports on Yahoo, and today we're thrilled to introduce a daily fantasy experience designed for the modern fan," said Simon Khalaf, SVP Product and Engineering at Yahoo. "The growing popularity of Daily Fantasy games is a fantastic opportunity for us to bolster our leadership by providing our millions of existing fantasy users as well new fans out there with a unique take on this game genre."
Yahoo has designed this experience for the mobile fantasy player and is the only company to offer Daily Fantasy, Full Season Fantasy, and real-time sports news and scores as an all-in-one experience. Now users can join a new contest with their friends every day with the chance to win real cash prizes, and a simplified salary cap makes it fast and easy. Users can go to Yahoo Sports Daily Fantasy and update or download the Fantasy Sports App from the App Store to play natively on the iPhone and on any device through their browser.
June 3, 2015
Yahoo to Stream NFL Game October 25The National Football League has selected Yahoo as its exclusive partner to deliver the first-ever live stream of an NFL game to a global audience across devices and for free. This partnership will bring the NFL's International Series game in London, between the Buffalo Bills and Jacksonville Jaguars on October 25, to Yahoo properties globally, including Yahoo, Yahoo Sports, Yahoo Screen and Tumblr, which attract more than one billion monthly users.
"The NFL has always been committed to being at the forefront of media innovation. Through this partnership with Yahoo -- one of the world's most recognizable digital brands -- we are taking another important step in that direction as we continue to closely monitor the rapidly evolving digital media landscape," said Roger Goodell, Commissioner of the National Football League.
"We're thrilled that the NFL has chosen Yahoo for this historic opportunity," said Marissa Mayer, President and CEO of Yahoo. "It marks a significant change in the way users can access this amazing content. The NFL and Yahoo have both long engaged football fans around the world. Our partnership provides the ultimate football experience with digital availability, designed for the modern fan."
In keeping with the NFL's long-standing commitment to make its games available on free, over-the-air television, the game will also be televised in the both the Buffalo (WIVB-TV) and Jacksonville (WTEV-TV) markets at 9:30 a.m. ET.
April 22, 2015
Yahoo Reports 8% Revenue IncreaseYahoo reported results for the first quarter of 2015 and saw revenues increase by 8%. The company said it had revenues of $1.226 billion in the first quarter, which was up from $1.13 billion in the same quarter a year ago.
Net earnings for the first quarter were just $21 million compared to $312 million a year ago.
"Yahoo is amidst a multi-year transformation to return an iconic company to greatness. This quarter, we saw encouraging revenue growth of 8%, with display revenue growing a modest 2% and search growing 20% on a GAAP basis. Our mobile GAAP revenue reached $234 million in Q1, growing 61% year-over-year," said Marissa Mayer, CEO of Yahoo. "We anticipated that we would grow GAAP revenue ahead of revenue ex-TAC and EBITDA, and that's precisely what we saw this quarter. For the next phase of the transformation, we will focus on accelerating our GAAP revenue growth while managing our margins and costs."
Yahoo saw an increase in search volume in Q1 2015, with searches reaching a five-year high. The partnership between Yahoo and Mozilla was key to this volume increase.
Yahoo also announced an amended search partnership with Microsoft to improve the search experience, create value for advertisers and establish ongoing stability for partners. Yahoo now has increased flexibility to enhance the search experience on any platform, since the partnership is non-exclusive for both desktop and mobile. Yahoo will continue to serve Bing ads and search results for at least 51% of its desktop search traffic.
March 27, 2015
Yahoo to Buy Back $2 Billion Worth of SharesYahoo announced in a filing with the SEC that it plans to make a new share repurchase program of $2.0 billion that will expire on March 31, 2018.
The company will use proceeds from its Alibaba IPO sale to repurchase shares.
Yahoo currently has a share repurchase program announced in November 2013 which expires in December 2016. The company says there is $726 million remaining in this current share repurchase program.
According to The Wall Street Journal, Yahoo has purchased $9.7 billion worth of its shares since 2012.
March 19, 2015
Yahoo Shutters Chinese OperationsYahoo is closing its Chinese operations and laying off 200-300 people according to The Wall Street Journal. Yahoo has a research and development center in Beijing staffed with engineers that will be closed.
The move is part of a series of cost-cutting moves over the last several months by CEO Marissa Mayer to reduce expenses and exit under-performing properties. Yahoo has cut 700-900 jobs over the past few months mostly outside the U.S.
The Yahoo.cn website now redirects users to Yahoo's Singapore site.
February 18, 2015
Andy Serwer Named Editor of Yahoo FinanceYahoo has announced that Andy Serwer has been named the new Editor-in-Chief of Yahoo Finance.
Andy joins Yahoo Finance after 29 years at Time Inc., where he most recently served as the editor of Fortune magazine. He brings a wealth of financial journalism and editing experience to the table. During his long tenure at Time Inc., Andy oversaw the relaunch and redesign of Fortune's magazine and website. According to Kathy Savitt, Yahoo Chief Marketing Officer and Head of Media, "He has the perfect balance of experience and expertise to help take Yahoo Finance to the next level and amplify the stories behind the stocks."
Andy will lead the expansion of Yahoo Finance's original content and coverage. As online video consumption continues to grow, the company will also increase its commitment and focus on Yahoo Finance video programming. Aaron Task, who has been a leader at Yahoo Finance over the past several years in both video and editorial, will now lead this growth and expansion effort in video.Andy Serwer will be based in NY and starts immediately.
Andy Serwer said, "Yahoo Finance delivers a huge amount of salient and accurate news every minute of every day. I should know, I've been a daily consumer of Yahoo Finance almost since its inception. It's so cool to go to work someplace you visit every single day!"
January 19, 2015
Yahoo to Spin Off Alibaba StakeYahoo announced this week a plan for a tax-free spin-off of the company's remaining holdings in Alibaba Group into a newly formed independent registered investment company ("SpinCo"). The stock of the new company will be distributed pro rata to Yahoo shareholders, resulting in SpinCo becoming a separate publicly traded company.
Following the spin-off, Yahoo will continue to operate its core business and hold its 35.5% interest in Yahoo Japan. SpinCo will own all of Yahoo's remaining 384 million shares of Alibaba, valued at $40 billion based on the closing price on January 26, 2015, as well as a legacy, ancillary Yahoo business. SpinCo will assume no debt in the transaction, and Yahoo will retain its cash.
"Today, along with our Board of Directors, I am proud and happy to announce a plan for a tax-free spin-off of our Alibaba holdings. Throughout my tenure with the company, we have worked tirelessly on a tax-efficient alternative that would maximize the value of our Alibaba investment for our shareholders. A tax-free spin off accomplishes this and delivers value directly and exclusively to our shareholders," said Marissa Mayer, CEO of Yahoo. "Through share repurchases to date, we have returned approximately $9.7 billion of proceeds from Alibaba. Post-spin, using the closing price for Alibaba as of January 26, we will have returned nearly $50 billion dollars of value to our shareholders. This level of capital return is historic, especially for a company of our size. The plan announced today vividly demonstrates our commitment to being good stewards of capital and increasing shareholder value."
The completion of the transaction is expected to occur in the fourth quarter of 2015 after the expiration of Yahoo's one-year lock-up agreement on the Alibaba shares entered into in connection with the IPO. The transaction is subject to certain conditions, including final approval by Yahoo's board of directors, receipt of a favorable ruling from the Internal Revenue Service with respect to certain aspects of the transaction and a legal opinion with respect to the tax-free treatment of the transaction, the effectiveness of an applicable registration statement with the Securities and Exchange Commission and compliance with the requirements under the Investment Company Act of 1940, and other customary conditions.
November 21, 2014
Yahoo to Replace Google on Firefox BrowserYahoo Inc. and Mozilla Corporation have announced a strategic five-year partnership that makes Yahoo the default search experience for Firefox in the United States on mobile and desktop, replacing Google. The agreement also provides a framework for exploring future product integrations and distribution opportunities to other markets.
The deal represents the most significant partnership for Yahoo in five years. As part of this partnership, Yahoo will introduce an enhanced search experience for U.S. Firefox users which is scheduled to launch in December 2014. It features a clean, modern and immersive design that reflects input from the Mozilla team.
"We're thrilled to partner with Mozilla. Mozilla is an inspirational industry leader who puts users first and focuses on building forward-leaning, compelling experiences. We're so proud that they've chosen us as their long-term partner in search, and I can't wait to see what innovations we build together," said Marissa Mayer, Yahoo CEO. "At Yahoo, we believe deeply in search -- it's an area of investment, opportunity and growth for us. This partnership helps to expand our reach in search and also gives us an opportunity to work closely with Mozilla to find ways to innovate more broadly in search, communications, and digital content."
"Search is a core part of the online experience for everyone, with Firefox users alone searching the Web more than 100 billion times per year globally," said Chris Beard, Mozilla CEO. "Our new search strategy doubles down on our commitment to make Firefox a browser for everyone, with more choice and opportunity for innovation. We are excited to partner with Yahoo to bring a new, re-imagined Yahoo search experience to Firefox users in the U.S. featuring the best of the Web, and to explore new innovative search and content experiences together."
November 14, 2014
Yahoo Acquires BrightrollYahoo has agreed to acquire BrightRoll for $640 million in cash, a leading video advertising platform based in San Francisco. The transaction will combine Yahoo's premium desktop and mobile video advertising inventory with BrightRoll's programmatic video platform and publisher relationships to bring substantial value to advertisers on both platforms. BrightRoll is a large, growing and profitable business with net revenues expected to exceed $100 million this year.
The acquisition will accelerate Yahoo's strategy, which is focused on search, communications, and digital content through growth in mobile, social, native, and video advertising. Acquiring BrightRoll will dramatically strengthen Yahoo's video advertising platform, making it the largest in the US.
BrightRoll is the industry's leading programmatic video advertising platform for reaching audiences across desktop, mobile and connected TV.
"Video, along with mobile, social, and native, is driving a surge in digital advertising. Here at Yahoo, video is one of the largest growth opportunities, and BrightRoll is a terrific, strategic and financially compelling fit for our video advertising business," said Marissa Mayer, Yahoo CEO. "As with every acquisition, we have been extremely thoughtful about our approach to the video advertising space. This acquisition will accelerate the growth of both companies - we can help BrightRoll scale to even more advertisers globally and they can bring their tremendous platform offering to Yahoo's advertisers. The combination builds positive momentum for Yahoo's broader display advertising business in 2015."
The deal is expected to close in the first quarter of 2015 and Yahoo says it will retain all 400 of Brightroll's employees.
November 5, 2014
Yahoo Reports Slight Revenue IncreaseYahoo reported revenue of $1.148 billion in its fiscal third quarter, a 1% increase from last year.
Yahoo earned $6.3 billion from the sale of shares of Alibaba at its recent blockbuster IPO. The company stil holds about a 16% stake in the Chinese e-commerce giant.
"We had a good, solid third quarter. We delivered $1.094 billion in revenue ex-TAC and $1.148 billion in GAAP revenue. This represents 1% growth in revenue ex-TAC and 1% growth in GAAP revenue. 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," said Marissa Mayer, CEO of Yahoo. "I am also pleased to report today that our revenue in mobile is now material. In Q3, we saw mobile revenues in excess of $200 million on a GAAP basis. Further, we estimate that our gross revenues in mobile will exceed $1.2 billion in revenue this year. We have invested deeply in mobile and we are seeing those investments pay off. Not only are our mobile products attracting praise and engagement from users and industry awards, they are generating meaningful revenue for Yahoo."
The company said the number of display ads sold increased 24% in the quarter but the price-per-ad declined 24%. The number of paid clicks was flat in the quarter but price-per-click increased 17%.
Yahoo said it continues to launch new products and improve on existing ones in the third quarter. The Company launched the new Yahoo Finance app, Yahoo News Digest app and Yahoo Mail app for iPad, support for Digital Magazines for Android and iOS, and new navigation for Yahoo Answers, and also made Aviate available in eight languages on Android devices.Yahoo announced it hired Mike Kail as CIO and SVP, Infrastructure to lead IT and data center operations for the Company.
September 30, 2014
Yahoo to End Original DirectoryYahoo announced it is trimming three more products from its network of sites including the original Yahoo Directory. The company has closed more than 60 products over the past two years and says it is focusing on the core areas of search, communications, digital magazines and video.
The original Yahoo Directory helped organize websites into various categories which was a very useful feature when the Internet became popular 20 years ago. Search has made the Directory obsolete and Yahoo will retire it by the end of the year.
Yahoo also plans to close Yahoo Education today, a site designed to connect users with education providers and content.
On November 1, Yahoo will shut down the Qwiki app, which automatically created short movies based on events from a user's camera roll. The Qwiki team will continue to work on new digital media experiences for Yahoo users.
September 18, 2014
Yahoo Unveils New Developer SiteYahoo has introduced a new site for developers. Supporting external developers with open source and open APIs has long been key to Yahoo's success. With over 500,000 developers using Yahoo APIs, the company felt the need to build a new home to support its developer community. The updated site significantly improves the experience for developers and advertisers using Yahoo APIs such as Search and advertising (Gemini).
The developer site provides easy access to APIs for Flickr, Search, Tumblr, Weather, PlaceFinder and Place Spotter.
Developers can also power their mobile apps with Flurry to get analytics and advertisers for iOS and Android.
September 6, 2014
Yahoo Acquires LuminateYahoo has acquired Luminate, a startup that lets advertisers post text ads on top of photos. Terms of the deal were not disclosed.
Luminate says it served over 10,000 publishers in its network and shut down its service on September 3. Yahoo will try to incorporate Luminate technology onto its vast network of sites in order to boost advertising which has slumped, especially among display ads.
Luminate has headquarters in Mountain View and investors included August Capital, CMEA Capital, Foundation Capital, Google Ventures, Nokia Growth Partners and Shasta Ventures. The company was founded in 1995.
August 20, 2014
Yahoo Introduces Web StoresYahoo has introduced Stores, a completely reimagined, next-generation version of its eCommerce platform that will help anyone start, build and grow a successful business online. Yahoo Small Business took the best of everything it has learned from over one million customers over the past 16 years, and applied it to Yahoo Stores to give small business owners a more powerful, streamlined and beautiful way to turn their ideas into a business.
For most retailers, an online store is crucial, but getting it started is an arduous task that can take weeks. With Yahoo Stores, you can have an online store up-and-running and accepting orders in less than a couple of minutes. The platform offers a seamless payment processing experience that is automatically PCI compliant, connecting you directly with a payment service provider in just a few clicks.
Yahoo Stores provides automatic SEO - so from day one, your store will have the same serving technology used on Yahoo.com, including relevant keywords in your website URLs, concise descriptions of your website's content and more. Yahoo Stores also has a powerful product catalog schema and tools for merchants to organize and promote their products. The setup is simple, with powerful capabilities informed by years of experience working with major retailers.
Yahoo Stores comes in three levels: Basic priced at $26 per month; Professional starting at $69 per month; and Premier at $249 per month. All are billed annually. The Premier level comes with unlimited bandwidth and a dedicated account manager.
July 23, 2014
Yahoo Makes Flurry of a MoveYahoo has bought mobile ad analytics firm Flurry in a deal worth a reported $300 million.
By joining Yahoo, Flurry will have resources to speed up the delivery of platforms that help developers build better apps, reach the right users, and explore new revenue opportunities. Together, the companies can make mobile experiences better through products that are more personalized and more inspiring.
Analytics are critical for all mobile developers to understand and optimize their applications. Yahoo and Flurry are reinvesting in developers and continuing to build great analytics products. The combined scale of the two companies will accelerate revenue growth for thousands of developers and publishers across the mobile ecosystem.
In addition, the joined offerings of Yahoo and Flurry will enable more effective mobile advertising solutions for brands seeking to reach their audiences and gain unique insights across desktop and mobile, and users will benefit from more personalized app experiences.
Based in San Francisco, Flurry has data from more than 1.4 billion mobile devices and over 170,000 developers use Flurry statistics. Over 540,000 smartphone and tablet apps use Flurry from developers in more than 150 countries.
July 18, 2014
Yahoo Sees Revenues DeclineYahoo reported results for the second quarter and revenues were $1.08 billion, a 4% decline from the same period a year ago. Net earnings were $270 million, down 19% from the previous year.
"Our top priority is revenue growth and by that measure, we are not satisfied with our Q2 results. While several areas showed strength, their growth was offset by declines. Yahoo Search, for example, had a strong quarter, growing 6% year-over-year on a revenue ex-TAC basis and 19% year-over-year in search click-driven revenue. Our social, mobile, video and native areas also grew with significant momentum, collectively gaining nearly 90% year-over-year. However, display remains an area of investment and transition. In Q2, we saw display revenue decline, further highlighting the fact that we need to work faster to ameliorate the negative trends. I believe we can and will do better moving forward," said Yahoo CEO Marissa Mayer. "Overall, I remain confident in Yahoo's future, our strategy, and our return to long-term growth."
The company has been hurt by drops in display ad revenue on its websites. Even though the number of display ads sold increased by 24% in the quarter, the price-per-ad declined by 24%. Total display ad revenue was down 8%. Search revenue did increase by 2%. Paid clicks in search were up 3% and the price-per-click increased by 15%.
Yahoo said it will sell fewer shares of Alibaba when the Chinese e-commerce company goes public later this year.
"We are pleased to announce today that we have entered into an amendment to the share repurchase agreement with Alibaba, reducing the number of shares that Yahoo is required to sell at the IPO from 208 million shares to 140 million shares. In addition, we are aware that there has been much discussion around the allocation of the Alibaba IPO proceeds," said Ken Goldman, CFO of Yahoo. "We would like to take this opportunity to let our investors know that we are committed to return at least half of the after-tax IPO proceeds to shareholders, in line with our overarching commitment to maximizing shareholder value through prudent capital allocation."
July 1, 2014
Community TV Show to Air on YahooYahoo and Sony Pictures Television announced that the sitcom Community will return this Fall for a sixth season, with 13 new episodes available exclusively on Yahoo Screen. Community has aired on NBC for the past five seasons.
Dan Harmon created "Community" and serves as executive producer. Russ Krasnoff ("The Soloist") also serves as executive producer, along with Gary Foster ("Sleepless in Seattle") and Chris McKenna ("The Mindy Project").
"I am very pleased that Community will be returning for its predestined sixth season on Yahoo," comments Dan Harmon. "I look forward to bringing our beloved NBC sitcom to a larger audience by moving it online."
"Yahoo is all about connecting the best creators to the audiences who love their work. "Community" has an incredibly passionate and loyal fan base who have fought hard to keep this amazing show alive. We couldn't be more excited to work with Dan, Joel, and the entire cast, as well as Sony, to deliver a great season 6, " said Kathy Savitt, CMO of Yahoo.
June 18, 2014
Yahoo Releases Diversity StatisticsYahoo has released the company's diversity makeup and the statistics are not much different to what Google released last month.
Yahoo says the overall gender makeup of the company is 62% male and 37% female. 50% of all employees are white, 39% are Asian, 4% Hispanic and 2% black.
April 29, 2014
Yahoo to Produce Two TV-Style ComediesYahoo announced plans to develop two original comedies in a new lineup of online shows debuting next year. These new shows will join the growing collection of award-winning programming available on Yahoo.
Each series will launch on Yahoo Screen next year and will deliver 30-minute episodes you can view all at once on your desktop, on the Yahoo Screen mobile app, or in your living room on Apple TV and Roku.
The two shows are:
Other Space: From three-time Emmy nominee Paul Feig (Freaks and Geeks, Bridesmaids, The Office) comes Other Space, a galactic adventure set in the early 22nd century, when the human race has mapped most of the known universe, failed to find alien life, and frankly gotten a little tired of the whole thing. A spaceship on a routine collection mission stumbles into the greatest discovery in history: an alternate universe, far stranger and way more dangerous than ours. Now the ship's crew -- a collection of over-matched rookies, feuding siblings, burned-out veterans and obsolete robots -- has to explore this new universe to try and find a way back home alive. (8 half-hour episodes)
Sin City Saints: From executive producer Mike Tollin (One Tree Hill, Smallville, and Varsity Blues) and two-time Emmy nominated director Bryan Gordon (Curb Your Enthusiasm, The Office, Party Down), Sin City Saints is an off-beat comedy set in the front office of a fictional pro basketball expansion team. The show will revolve around Jake Tullus, a Silicon Valley tycoon whose lifelong dream was to buy a pro basketball team but quickly finds he's in over his head. The group he assembled won't be much help. Sin City Saints will follow the triumphs, travails, and transgressions of Las Vegas' first major league sports franchise. (8 half-hour episodes)
April 17, 2014
Yahoo Reports First Quarter EarningsYahoo reported revenues of $1.13 billion for the first quarter of 2014, down 1% from the previous year. Net income was $313.9 million for the quarter.
Yahoo said search revenue was $445 million for the first quarter of 2014, a 5 percent increase compared to $425 million for the first quarter of 2013. Display ad revenue was flat at $453 million. The Number of Ads Sold increased approximately 7 percent compared to the first quarter of 2013 but Price-per-Ad decreased approximately 5 percent.
"I am really pleased by our first quarter performance, marking our best Q1 revenue ex-TAC since 2010. Buoyed by our 9th consecutive quarter of year-over-year growth in Search revenue ex-TAC and our first quarter of Q1 year-over-year growth in display revenue ex-TAC since 2011, Q1 was an early and important sign of growth in our core business," said Yahoo CEO Marissa Mayer. "And, with mobile pivotal to our future growth, we're delighted to now see more than 430 million monthly mobile users accessing Yahoo's new products."Yahoo has continued to launch new products and improve existing properties in the first quarter, innovating for the daily habits of users around the world. The Company launched two digital magazines: Yahoo Food and Yahoo Tech; a new version of Yahoo Sports optimized for iOS 7; Yahoo News Digest for iPhone and iPod touch; Yahoo Smart TV; Aviate Listening Space; Yahoo Games Network and Yahoo Classic Games; and Yahoo Screen integration with Roku.
The company said it had $4.6 billion in cash and securities, down from $5 billion a year ago.
April 3, 2014
Yahoo Adds Editorial StaffYahoo has announced the addition of several prominent journalists to oversee content on its site. They include Paula Froelich, Editor in Chief of Travel; and Josh Wolk, Executive Editor of Yahoo Entertainment. Additionally, Sarah McColl, former managing editor of Yahoo Food, has been promoted to Editor in Chief of Yahoo Food.
Paula will serve as Editor in Chief of Yahoo Travel, where she will lead editorial direction, original content, and the expansion and re-imagination of Yahoo Travel. She is an award-winning journalist, creator of the travel website A Broad Abroad, and the New York Times best-selling author of the novel Mercury In Retrograde. She was the deputy editor of the New York Post's gossip column, "Page Six," for 10 years.
In his new role as Executive Editor of Yahoo Entertainment, Josh will oversee all editorial operations and shape the voice for entertainment coverage across the Yahoo media network. Josh comes to Yahoo from Vulture.com/New York Magazine where he served as editorial director. Prior to that, he was a senior editor at Entertainment Weekly.
Sarah McColl oversees all editorial functions for Yahoo Food, which launched earlier this year. She has been part of Yahoo's lifestyle editorial team since 2010. Prior to Yahoo, Sarah was a senior editor at Conde Nast, where she launched a network of blogs and produced video programming. She has also written for Bon Appetit and House Beautiful and her website was called one of the "Best Blogs for Foodies" by Bon Appetit.
The new talent join other industry leaders recently hired at Yahoo including Katie Couric, Global Anchor; tech columnist David Pogue; Yahoo News Editor in Chief Megan Liberman; national political columnist Matt Bai, and several other award-winning journalists and editors.
March 25, 2014
Yahoo Introduces Games NetworkYahoo has introduced the Yahoo Games Network, a brand new platform for third-party game developers who want distribution of the Yahoo network in addition to easy onboarding services that help them authenticate players, monetize their games, provide social sharing, analytics and ongoing operational support for growth. The new Yahoo Classic Games is launching with an elegant, and easy-to-use design that plays seamlessly across the Web, Android devices and iPad, iPhone, and iPod Touch.
The new Yahoo Games Network brings classic games to users like Yahoo Poker, Yahoo Pool, and Yahoo Bingo -- in addition to other hits like KingsRoad, The Last Stand: Deadzone, Ballistic, Bingo Blingo, Rise of Mythos, Vegas World and Slotomania. The company is already working with some of the best developers in the industry like Rumble Entertainment, DreamWorks, SGN, ChangYou, Namco Bandai America, Playtika, FlowPlay, Con Artist Games and many more on web and mobile.
Yahoo is building upon its acquisition of PlayerScale, a gaming software infrastructure firm, that it bought in 2013.
March 14, 2014
Yahoo Teams Up With Yelp for Search ListingsYahoo has officially confirmed a partnership with Yelp to offer reviews, business listings and star ratings for local businesses that will appear in Local Search and Yahoo Maps.
Yelp will provide information and photos for retail chains, mom and pop stores, spas, doctors and hospitals, restaurants and more. The listings can be seen via smartphone, tablet or personal computer.
Yelp said it had more than 53 million local reviews on its site at the end of 2013 with over 120 million monthly visitors. Terms of the deal with Yahoo were not released.
March 10, 2014
Yahoo Offers $1 Billion NCAA Tourney PrizeYahoo Sports is offering the largest prize in the history of mankind for one person or more who can choose the entire NCAA Tournament bracket this month.
The Billion Dollar Bracket challenge is sponsored in partnership with Quicken Loans and backed by Warren Buffett's Berkshire Hathaway.
"We are excited to team up with Quicken Loans and Warren Buffett to give fans the chance to win a billion dollars using all of the information, tools and services available from Yahoo Sports," said Ken Fuchs, VP and head of Yahoo Sports, Yahoo Finance and Product Partnerships. "There is even more at stake this year, and Yahoo Sports is the perfect place to get expert advice and data to help sports fans pick the perfect bracket."
Quicken Loans has also increased the maximum number of contest entries to 15 million and will now allow one entry per person, instead of limiting the entries to one entry per household as was initially announced. The contest also now permits U.S. residents age 18 years and older to participate (expanded from the previously announced 21 years old and up).
Through the Quicken Loans Billion Dollar Bracket Challenge with Yahoo Sports, all qualified entrants who accurately predict the winners of all 63 games in the college men's basketball tournament will share a $1 billion prize paid in 40 annual installments of $25 million. Alternatively, the winner(s) may elect to receive their share of an immediate $500 million lump sum payment.
In addition to the Billion Dollar grand prize, their will be 20 prizes of $100,000 for the highest-scoring brackets.
February 25, 2014
Yahoo in Research Partnership With Carnegie MellonYahoo and Carnegie Mellon University have announced a five-year, $10 million partnership highlighted by an industry-first mobile toolkit that will enable CMU researchers to easily experiment with Yahoo's real-time data services, letting them test new ways that machine learning and interface technologies can improve personalized user experiences.
"We're thrilled to be partnering with the exceptional faculty and students at Carnegie Mellon, which has established itself as a premier institution for machine learning and user interface technologies," said Ron Brachman, chief scientist and head of Yahoo Labs. "By creating a way for Carnegie Mellon University researchers to work directly with Yahoo software and infrastructure, we hope to speed up the pace of mobile and personalization research and create a better user experience."
The partnership, named Project InMind, also includes a new Yahoo-sponsored fellowship program at CMU. The program will provide financial and research support to computer science students and faculty members. Yahoo Fellows will have the opportunity to pursue research in disciplines such as machine learning, mobile technologies, human-computer interaction, personalization, novel interaction techniques, and natural language processing, with annual financial support from Yahoo and mentorship from world-class computer scientists at Yahoo Labs and CMU.
The InMind Project will be directed at CMU by Tom Mitchell, Fredkin University Professor of Computer Science and Machine Learning and head of the Machine Learning Department, and by Justine Cassell, the Charles M. Geschke Director of the Human-Computer Interaction Institute.
Since its establishment in 2005, Yahoo Labs has served as the Company's incubator for bold experimentation, applying its scientific findings to create personalized, delightful experiences for Yahoo's users and enhance value for its advertisers. Yahoo Labs continues to innovate across numerous research areas including machine learning, personalization, mobile, advertising science, image processing, natural language processing, and more.
January 30, 2014
Yahoo Sees Ad Revenues DropYahoo reported revenues of $1.26 billion for its fiscal fourth quarter, a decline of 6% from a year ago due to weaker ad sales. Net earnings for the fourth quarter of 2013 was $348 million (which includes a $49 million net gain from the sale of patents), a 28 percent increase compared to $272 million in the fourth quarter of 2012.
Display ad revenue at Yahoo was $553 million for the fourth quarter of 2013, a 6 percent decrease compared to $591 million for the fourth quarter of 2012. Ad display revenue was $1.95 bllion for the full year of 2013, a 9 percent decrease compared to $2.14 billion for the prior year. Price-per-Ad decreased approximately 7 percent compared to the fourth quarter of 2012.
Yahoo reported search revenue was $464 million for the fourth quarter of 2013, a 4 percent decrease compared to $482 million in the previous year. Search revenue was $1.742 billion for the full year of 2013, an 8 percent decrease compared to $1.886 billion for the prior year.
During the fourth quarter, Yahoo acquired Aviate (ThumbsUp Labs), PeerCDN (Instant IO), Evntlive, Ptch, SkyPhrase, LookFlow, Bread Labs and Hitpost to strengthen its products, content offerings, core technology and talent. Yahoo also made some big name hires with the addition of former NY Times columnists David Pogue to lead consumer tech coverage and Matt Bai as national political columnist. In addition, Katie Couric joined the Company as Global Anchor in January 2014.
January 16, 2014
Yahoo COO de Castro Leaves CompanyYahoo announced in a regulatory filing with the SEC that Henrique de Castro, Chief Operating Officer of Yahoo Inc., has left the Company effective January 16, 2014.
Mr. de Castro will receive the severance benefits provided for in his Employment Offer Letter, dated October 15, 2012, Severance Agreement, dated February 28, 2013, and equity award agreements.
At the end of 2013, de Castro had 1,739,952 shares according to an SEC filing which would be valued at almost $70 million as of today's stock price.
de Castro worked with CEO Marissa Mayer at Google and was her first major hire when joining Yahoo last year. He was responsible for ad sales at the company.
January 9, 2014
Yahoo Introduces New Ad ProductsYahoo has introduced new advertising products across its network of sites. The new ads were announced at the Consumer Electronics Show in Las Vegas.
The new Yahoo Advertising includes a comprehensive suite of web, mobile, and video ad products across native, audience, and premium display, which are accessible through a new buying platform. These products are supported by Yahoo's data and analytical tools, with insights into the daily digital habits of more than 800 million people worldwide.
December 27, 2013
Yahoo Extends Alliance With NBC OlympicsYahoo is extending its alliance with NBC Sports for the upcoming Olympic Games in 2014. The alliance focuses on access for Yahoo's audience to all of NBCOlympics.com's exclusive digital video rights, including live competition streams and highlights, the creation of a digital Olympics daily show, and the showcase of Yahoo products through NBC's digital and broadcast coverage of the Games.
Bringing together Yahoo and NBC Olympics for the XXII Winter Games will give fans a deep and rich experience around one of the premier sports events in the world. For the first time, our audience can watch everything unfold on the live and on-demand NBC Olympics experience from Yahoo.
As part of the agreement, Yahoo Sports experts will work alongside with NBC Sports and contribute Olympic news and analysis for digital segments that will be promoted to both NBCOlympics.com and Yahoo users. In addition, NBC Olympics and Yahoo will integrate Yahoo content and products into NBC's broadcast of the Games - such as Yahoo Search, Flickr and Tumblr - to tap into the pulse of the American Olympic fan during the Sochi Games.This exclusive Olympics-focused arrangement is another step in Yahoo and NBC Universal's one-year old relationship that has included collaboration around premium sports news and events coverage, online and on-air; creation of original, short form video programming as well as cross-promotion of popular Yahoo Sports' products, including Yahoo Sports Fantasy and Rivals.com.
November 25, 2013
Katie Couric to Join Yahoo NewsYahoo announced that award-winning journalist, best-selling author and television host Katie Couric is joining the company as Global Anchor, as part of Yahoo's ongoing commitment to re-imagine how news and information is delivered and consumed. Beginning in 2014, Katie will help develop Yahoo News' coverage with a growing team of global correspondents who will report on live world events, anchor groundbreaking interviews with major newsmakers and thought leaders, and much more. In addition to her new role at Yahoo, Katie will continue to host her syndicated daytime talk show, Katie.
"Katie's depth of experience, her intellectual curiosity, and her charisma make her the perfect choice to anchor Yahoo News and the whole Yahoo Network. Her unmatched energy, savvy, and versatility enables her to connect with audiences across the globe," said Marissa Mayer, CEO of Yahoo. "News is a definitive daily habit for our users -- and Katie will work with our talented editorial team to pioneer a new chapter of digital journalism."
"It's very exciting to be a part of a leading company at the intersection of content and technology," said Katie Couric. "I have great admiration for Marissa Mayer and her team and their commitment to bringing news, entertainment and information to the Yahoo community across multiple platforms. Joining Yahoo offers a tremendous opportunity to reach people all around the world in the way that they're using and consuming media today."
Katie first joined NBC News in 1989 and eventually becoming co-anchor of Today Show for 15 years. In September 2006, she left NBC and joined CBS News and became the first female solo anchor of an evening news broadcast. Since 2012, Katie has been the host of her own daytime talk show, Katie, on ABC.
November 12, 2013
Yahoo Inks Ad Deal With StarcomYahoo and ad agency Starcom have inked a one-year deal to provide personalized data for advertising on Yahoo sites according to Advertising Age.
Starcom will get data on Yahoo from users' search queries to show ads that are better targeted to user interests. The data could appear in premium display ads as well as video ads according to Ad Age.
Several advertisers have signed up to access the data including Allstate, Kraft, Kellogg's, Hallmark and Beam.
Yahoo will likely get more revenue by sharing this data with advertisers and by charging a higher rate for these ads.
October 21, 2013
David Pogue Joining YahooNY Times technology columnist David Pogue announced he is leaving the newspaper to join Yahoo for a new technology website that is under development.
Pogue made the announcement on his Tumblr page:
It's true: After 13 years at the New York Times, I've accepted a new job.
Leaving The Times is a big deal. My years there coincided with the explosion of just about everything important in today's tech -- the Web, social media, e-books, smartphones, tablets, duck-faced selfies. It's been an amazing ride.
It's not easy leaving the Times, especially when you admire it as much as I do. No matter what happens to prose on paper, the Times itself, as a gatherer and curator of news, will always be necessary and important. The culture may be changing, and the readership may be shifting, but this paper steadfastly focuses on responsible journalism, ironclad ethics and superb writing. I'll always be a loyal ally.
Pogue says he will start at Yahoo in a few weeks. He plans to continue doing NOVA specials on PBS, 'CBS Sunday Morning' stories, Missing Manual books, and his Scientific American column.
September 12, 2013
New Editor at Yahoo NewsYahoo News has tapped Megan Liberman, deputy news editor of The New York Times, to be its new editor in chief. She will lead a major expansion of Yahoo News, bringing in new voices and defining features for the site. She will focus primarily on original reporting, social news gathering, video and live events coverage.
"Megan is a dynamic addition to the Yahoo News team," said Robertson Barrett, Vice President of Yahoo News and Finance. "As deputy news editor at The New York Times she drove some of the most successful digital initiatives, from its blog network to Nate Silver's multi-platform presence to live streamed coverage of the 2012 elections. She is a natural fit to lead editorial for the world's largest news site, and she will help us take Yahoo News to the next level."
Prior to her most recent role at the Times, Megan served as deputy editor at The New York Times Magazine where she was responsible for all digital features and strategy. She also directed the magazine's political coverage, supervised other Times magazines, and launched the Times' parenting blog, Motherlode.
Megan earned her Bachelor's degree at Barnard College and received a Masters from Columbia University's Graduate School of Journalism.
September 10, 2013
Yahoo Introduces Screen AppYahoo has launched a new video app called Screen that lets users easily watch video clips online by swiping a finger and flipping through one clip to another. The app is only for Apple iOS users on the iPhone, iPad and iPod Touch.
The refreshed Yahoo Screen website (http://screen.yahoo.com) drives discovery, marathon viewing and sharing. The new site also offers expanded channel options and opportunity to personalize the experience. Yahoo originally launched Screen in 2011 as a hub for premium original content; it has since housed several hit web series, including the 2013 Emmy-nominated Burning Love (http://screen.yahoo.com/burning-love).
"Watching videos online has become part of people's daily routines, and comedy has always been a big draw," said Erin McPherson, Yahoo vice president and head of video. "Content of this caliber deserves a great showcase, and Yahoo Screen is just that--a true destination where our users will be able to discover, watch and share not only first-rate comedy, but a wide variety of other engaging video. While this effort is just the beginning of building a world-class, multi-platform video experience for our users, it demonstrates our goal: to marry beautiful products, cutting-edge technology, and compelling content to create unique experiences for users."Yahoo also debuted its Fall Comedy Lineup including all episodes of eight original web series, the entire Saturday Night Live clip archive and clips from Viacom's Comedy Central and MTV shows, including The Daily Show with Jon Stewart, The Colbert Report, and more. More than 1,000 hours of comedy content and 5,000 clips are now available.
September 5, 2013
Yahoo Unveils New LogoAfter 30 days of teasing different logos, Yahoo has finally unveiled a new one that will be its permanent logo and will appear on all its global sites.
Yahoo has not updated its logo since its founding 18 years ago according to a Tumblr post by CEO Marissa Mayer. She was personally involved in designing the new logo and used Adobe Illustrator which she says is "one of the most incredible software packages ever made."
The logo continues to use a sans serif font but with "scallops" on the ends of the letters. The exclamation point continues at the end. The purple color of the new logo is Pantone Violet C. A survey was done of Yahoo employees and 87% said they liked the newly designed company logo.
August 19, 2013
Maynard Webb Named Yahoo ChairmanMaynard Webb has been elected the new Chairman at Yahoo. He has been a member of Yahoo's board of directors since February 2012 and served as interim Chairman of the Board from April 2013 to August 2013.
Webb has served as Chairman of the Board of LiveOps, Inc., a provider of cloud contact center solutions, since December 2008 and served as its Chief Executive Officer from December 2006 to July 2011. He is also a founder of Everwise, a company focused on workplace mentorship.
From June 2002 to August 2006, Mr. Webb served as Chief Operating Officer of eBay, Inc., an online global marketplace, and from August 1999 to June 2002, he served as President of eBay Technologies. Prior to that, Mr. Webb was the Senior Vice President and Chief Information Officer at Gateway, Inc., a computer manufacturer, and Vice President and Chief Information Officer at Bay Networks, Inc., a manufacturer of computer networking products.
Mr. Webb is also currently a director of salesforce.com, inc. Mr. Webb also founded Webb Investment Network, a seed-stage venture capital firm, in June 2010. Mr. Webb was previously a director on several public company boards including Gartner, Inc. and Hyperion Solutions Corp., and of several private company boards including Peribit Networks, Inc., AdMob, Inc., and Baynote, Inc.
He is a gradaute of Florida Atlantic University with a degree in criminal justice.
August 8, 2013
Yahoo Unveiling New Logo in 30 DaysYahoo plans to unveil a new logo for its site in 30 days and is adding hype to the announcement by showcasing a different logo on Yahoo's homepage each day until the new one is unveiled on September 4 at 9 p.m. Pacific Time.
According to a Tumblr post by Kathy Savitt, Yahoo's Chief Marketing Officer: "The new logo will be a modern redesign that's more reflective of our reimagined design and new experiences. To get everyone warmed up, we are kicking off 30 days of change. Beginning now, we will display a variation of the logo on our homepage and throughout our network in the U.S. for the next month. It's our way of having some fun while honoring the legacy of our present logo. We also want to preserve the character that is unique to Yahoo! fun, vibrant, and welcoming -- so we'll be keeping the color purple, our iconic exclamation point and of course the famous yodel."
August 1, 2013
Yahoo Buys AdmovateYahoo has announced the acquisition of Admovate, an advanced mobile ad technology startup. Admovate has created sophisticated technology that helps marketers reach their desired audience at the right time and place. This is especially important for reaching mobile consumers on smaller screens.
According to a Tumblr post by Scott Burke, SVP of Display Advertising and Advertising Technology at Yahoo, this acquisition is part of the company's efforts to invest further in ad tech platforms which have also included Apt, Genome, and Right Media. It hopes to make buying ads easier for advertisers and agencies.
Admovate's personalization technology improves the company's capabilities in mobile advertising. Terms of the deal weren't disclosed. Admovate's engineers will join Yahoo's display advertising team in Sunnyvale.
Admovate was founded in 2012 and based in Mountain View.
July 23, 2013
Loeb Leaves Yahoo BoardDaniel Loeb, a critic of Yahoo's previous management and a major investor, is leaving his position on the company's Board of Directors. Yahoo announced that it has entered into an agreement to repurchase 40 million shares of Yahoo common stock beneficially owned by Third Point LLC ("Third Point"), at a purchase price of $29.11 per share. The purchase price equals the closing price of Yahoo! common stock on July 19, 2013.
Following the repurchase, Third Point will beneficially own approximately 20 million shares, representing less than 2 percent of Yahoo's outstanding common stock. In accordance with the Board's settlement agreement announced on May 13, 2012, each of the directors originally nominated by Third Point -- Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf -- have submitted their resignations from Yahoo!'s board of directors, effective July 31, 2013. The Board will then comprise seven members. Max Levchin, who was appointed as a director upon mutual agreement between Third Point and the Board, will remain on the Board. The remaining directors are committed to revisiting the Board's size and composition.
"Daniel Loeb had the vision to see Yahoo for its immense potential - the potential to return to greatness as a company and the potential to deliver significant shareholder value," said Yahoo CEO Marissa Mayer. "On behalf of the Board and our entire team, I'd like to take this opportunity to personally thank Dan, Michael, and Harry for the tremendous opportunities they created here at Yahoo!. They have been incredibly supportive as we have built our executive staff and developed our strategy, and they have helped position Yahoo! for future success. While there's still a lot of work ahead, they've given us a great foundation."
"Harry, Michael and I are pleased to have played key roles in Yahoo's resurgence since we joined the Board last spring," said Third Point CEO Daniel S. Loeb. "Since our Board's rigorous search led us to hire Marissa Mayer as CEO, Yahoo's stock price has nearly doubled, delivering significant value for shareholders. I'm confident that with Marissa at the helm and her team's focus on innovation and engaging users, Yahoo has a bright future."
July 17, 2013
Yahoo Reports Second Quarter EarningsYahoo reported revenues of $1.13 billion for its second quarter of 2013, which was down 7% from a year ago. Net earnings were $331 million, up 46% from last year.
"I'm encouraged by Yahoo's performance in the second quarter. Our business saw continued stability, and we launched more products than ever before, introducing a significant new product almost every week," said CEO Marissa Mayer. "From the new Yahoo News, the new Yahoo Sports app, the redesigned Yahoo search, the new Flickr, the new Yahoo Mail for tablet, the Yahoo Weather app, our new Yahoo app with Summly - this quarter drove tremendous improvements in our product line and our users responded with increased usage and engagement."
Yahoo said paid click increased 21% in the quarter but the price-per-click actually fell 8 percent.
During the second quarter, Yahoo made nine acquisitions to strengthen its products, content offerings, core technology and talent -- including Summly, Astrid, Milewise, Loki Studios, Go Poll Go, PlayerScale, Rondee, Ghostbird Software and Tumblr. Tumblr is one of the fastest-growing media networks in the world. Its tremendous popularity and engagement among creators, curators and audiences of all ages brings a significant community of users to the Yahoo network. The combination of Tumblr and Yahoo is expected to grow Yahoo's total audience to more than one billion monthly visitors.
July 7, 2013
Yahoo Acquires 2 More Mobile CompaniesYahoo has had a busy week when it comes to acquisitions. The company has bought 2 more mobile startups this week including Qwiki and Xobni.
Qwiki has developed an app that uses technology to bring together pictures, music and video to capture the art of storytelling. It is based in New York City and the Qwiki team will join Yahoo's NY office.
Xobni, which is Inbox spelled backwards, is a San Francisco startup that was created in 2006. Xobni makes your inbox and address book smarter by making it easy to search and discover all your contacts - even those who aren't in your address book.
Xobni, Smartr Inbox, and Smartr Contacts automatically find all the people with whom you've ever exchanged emails, calls, or SMS messages. They instantly provide a full view of each contact, complete with their photo, job title, company details, and email history -- as well as updates from Facebook and Twitter.
Xobni is available for Outlook. Smartr Inbox is available for Gmail. Smartr Contacts is available for Android and iPhone.
Terms of the deal weren't disclosed but BusinessWeek says Yahoo paid an estimated $30-60 million for Xobni and another $30 million for Qwiki.
July 2, 2013
Yahoo Buys BignogginsYahoo has acquired Bignoggins Productions, a maker of fantasy sports apps, that was founded by Silicon Valley entrepreneur Jerry Shen.
Terms of the deal weren't disclosed but Shen will be joining Yahoo's Fantasy Sports division and creating products for the upcoming football season. Shen is the sole person involved with Bignoggins and created Draft Monster and Fantasy Monster apps, which have since been removed from Google Play and Apple's App Store after the acquisition.
Yahoo is one of the largest sites for fantasy sports players and the acquisition is part of CEO Marissa Mayer's goal to improve the company's mobile offerings.
May 31, 2013
Yahoo Acquires PlayerScaleYahoo has bought PlayerScale this week, a Belmont-based company that develops gaming infrastucture software, according to a message posted on the PlayerScale website. Terms weren't diclosed.
Over the past four years, PlayerScale has grown as a three-person startup into a product that powers games played by over 150 million people worldwide and we are adding over 400,000 new users every day. In the last four months alone, the company says it has increased daily user growth rate by almost sixty percent.
The company's platform has over 4,000 gaming titles from more than 2,600 developers. The PlayerScale software incorporates a data analytics tool that provides developers with information to understand user behavior and track users and revenue across mobile and web-based properties, giving developers the ability to increase monetization and rapidly introduce new games into the market. PlayerScale supports Flash, Unity 3D, C++, .Net, Android (JAVA), IOS (Objective-C) and HTML5.
May 20, 2013
Yahoo Buying Tumblr for $1.1 BillionYahoo has agreed to acquire blogging service Tumblr for $1.1 billion in cash.
With more than 300 million monthly unique visitors and 120,000 signups every day, Tumblr is one of the fastest-growing media networks in the world. Tumblr sees 900 posts per second and 24 billion minutes spent on site each month. On mobile, more than half of Tumblr's users are using the mobile app and do an average of 7 sessions per day. Its tremendous popularity and engagement among creators, curators and audiences of all ages brings a significant new community of users to the Yahoo network. The combination of Tumblr+Yahoo is expected to grow Yahoo's audience by 50 percent to more than a billion monthly visitors, and to grow traffic by approximately 20 percent.
Tumblr will be independently operated as a separate business. Founder David Karp will remain CEO. The product, service and brand will continue to be defined and developed separately with the same Tumblr irreverence, wit, and commitment to empower creators.
The deal offers unique opportunities for both companies. Tumblr can deploy Yahoo's personalization technology and search infrastructure to help its users discover creators, bloggers, and content they'll love. In turn, Tumblr brings 50 billion blog posts (and 75 million more arriving each day) to Yahoo!'s media network and search experiences. The two companies will also work together to create advertising opportunities that are seamless and enhance the user experience.
"Tumblr is redefining creative expression online," said Yahoo CEO Marissa Mayer. "On many levels, Tumblr and Yahoo couldn't be more different, but, at the same time, they couldn't be more complementary. Yahoo is the Internet's original media network. Tumblr is the Internet's fastest-growing media frenzy. Both companies are homes for brands - established and emerging. And, fundamentally, Tumblr and Yahoo are both all about users, design, and finding surprise and inspiration amidst the everyday."
Tumblr has reportedly just $13 million in revenues and 178 employees. Investors in the NY company include Sequoia Capital, Union Square Ventures, Greylock Partners, Insight Venture Partners and Spark Capital.
April 26, 2013
Yahoo Chairman Amoroso ResignsYahoo announced that Fred Amoroso has stepped down as chairman and also decided not to seek reelection to the board of directors at the upcoming 2013 annual meeting of shareholders.
Amoroso will continue to serve on the board through the shareholders meeting on June 25, but has resigned as chairman of the board. The board has appointed Maynard Webb, Jr. to serve as interim chairman.
"Fred has been a wonderful chairman for Yahoo over the past year, and I'm personally grateful for his trust and guidance as I took on the role as Yahoo CEO," said Yahoo CEO Marissa Mayer. "Fred's mentorship and perspective has proved truly valuable to me in my first few months here at Yahoo."
"I'm very grateful and proud of the progress Yahoo has made over the past year," said Amoroso. "When I took the position as chairman, I told the board that my intention was to serve for one year, in order to help Yahoo during a critical time of transformation. In that time, Yahoo hired a great new CEO, brought on a fantastic management team, revitalized the employee base, and has begun to release top notch new products. With Marissa at the helm and the leadership team in place, this is a natural time for me to transition off the board, consistent with what I said a year ago."
Following the completion of Amoroso's term at the annual meeting, the board will comprise 10 members.
April 19, 2013
Yahoo Reports First Quarter ResultsYahoo reported revenues for the first quarter of $1.14 billion and net income of $390.8 million.
Display advertising revenue showed weakness for the Internet company at $455 million, a decrease of 11% from a year ago. Number of ads sold were down 7% from a year ago and price per ad was down 2%.
"I'm pleased with Yahoo's performance in the first quarter. We saw continued stability in our business, strengthened our team, and started the year with fast execution against our products and partnerships," said Yahoo CEO Marissa Mayer. "We are moving quickly to roll out beautifully designed, more intuitive experiences for our users. I'm confident that the improvements we're making to our products will set up the Company for long-term growth."
April 12, 2013
Yahoo Mail Teams Up With DropboxYahoo announced it has teamed up with Dropbox, a leading site for web storage of photos, documents and videos.
Dropbox is now integrated with Yahoo Mail and lets you save attachments and large files. It offers 2GB of storage space free. Dropbox is available within Yahoo Mail for the Web in English, French, Spanish, German and Italian. Terms of the partnership weren't disclosed.
Dropbox was founded in 2007 by Drew Houston and Arash Ferdowsi. The service has over 100 million users in 200 countries. The late Apple founder Steve Jobs reportedly tried to buy the company but was turned down.
March 27, 2013
Yahoo Buys Summly for $30 MillionYahoo has acquired Summly -- a newsreading app started by a 17-year-old -- for approximately $30 million according to reports.
At the age of 15, Nick D'Aloisio created the Summly app at his home in London. It started with an insight -- that we live in a world of constant information and need new ways to simplify how we find the stories that are important to us, at a glance. Mobile devices are shifting our daily routines, and users have changed not only what, but how much information they consume.
Summly solves this by delivering snapshots of stories, giving you a simple and elegant way to find the news you want, faster than ever before. For publishers, the Summly technology provides a new approach to drive interest in stories and reach a generation of mobile users that want information on the go.
Nick and the Summly team are joining Yahoo in the coming weeks according to a blog post by the company. While the Summly app will close, you will see the technology come to life in Yahoo's mobile experiences soon.
The Wall Street Journal says Summly has received funding from Zynga CEO Mark Pincus, an investment firm from Hong Kong's Li Ka-shing and actor Ashton Kutcher.
Yahoo also announced last week that it acquired Jybe, a personal recommendation app founded by five former Yahoo employees. All five engineers and search scientists will be rejoining the company to work on personalization and targeting.
February 21, 2013
Yahoo Unveils New HomepageYahoo has introduced its new redesigned homepage for users and CEO Marissa Mayer made a live appearance on NBC's Today Show to promote the change.
The new homepage features an infinite scroll of news headlines and allows users to customize articles based on interests and preferences. The page has weather forecasts and also lets you sign in with your Facebook account to show your friends birthdays along with popular Yahoo editorial features.
The page also loads faster and is optimized for smartphones and tablets.
February 8, 2013
Yahoo to Use Google AdsYahoo may be a fierce competitor with Google but it hasn't stopped the companies signing a deal to run ads sold by Google on Yahoo sites.
Yahoo said it signed a non-exclusive deal to use Google's AdSense for Content and Google's AdMob mobile ad services on various properties and certain co-branded websites. The contextual ads will give Yahoo more ads in its network matching user interests and keywords.
Google is one of the dominant forces in online advertising. Google's Adsense network generated $3.27 billion in revenues in the fourth quarter or 27% of total revenues. Over 2 million websites around the world participate in Adsense.
February 4, 2013
Yahoo Reports Year End ResultsYahoo reported $4.98 billion in revenues for 2012 according to Generally Accepted Accounting Principles (GAAP). Fourth-quarter revenues were $1.34 billion. The company reported $3.95 billion in net income for all of 2012.
"I'm proud of Yahoo's 2012 and fourth quarter results. In 2012, Yahoo exhibited revenue growth for the first time in 4 years, with revenue up 2 percent year-over-year," said Yahoo CEO Marissa Mayer. "During the quarter we made progress by growing our executive team, signing key partnerships including those with NBC Sports and CBS Television, and launching terrific mobile experiences for Yahoo Mail and Flickr. At the same time, we achieved tremendous internal transformation in the culture, energy and execution of the Company."
Yahoo said it made significant improvements to two of its core products, Yahoo Mail and Flickr, during the past quarter. The new Yahoo Mail is faster, easier to use and available across the Web and on Windows 8, iPhone/iPod touch and Android. Yahoo!'s redesigned Flickr app for iPhone and iPod touch makes it easier to capture, share and discover photos. The new app allows users to share photos by email, with the Flickr community or via Facebook, Twitter or Tumblr.In the last three months, Yahoo also acquired mobile app developers Stamped and OnTheAir, accelerating the company's efforts to build a world-class team of mobile engineers, product managers and designers. Yahoo also recently bought Snip.it, a social news site that you lets you clip interesting articles.
The number of ads sold on core Yahoo Properties decreased approximately 10 percent compared to the fourth quarter of 2011 and increased approximately 3 percent compared to the third quarter of 2012.
December 17, 2012
Yahoo Speeds Up E-MailYahoo has overhauled its mail service to provide faster access to e-mail messages.
The newly redesigned Yahoo Mail has fewer ads and loads much faster. According to a post by Yahoo CEO Marissa Mayer, improvements will be available on all major platforms: Web, Windows 8, iPhone/iPod touch and Android.
Mayer is stressing the development and improvement of the mobile platform and Yahoo Mail will have a consistent look whether one accesses via a Web browser, tablet or smartphone.
December 10, 2012
Yahoo Partners With NBC SportsYahoo and the NBC Sports Group announced a content and promotional deal combining Yahoo Sports' original reporting expertise, coverage of big events, Rivals' college content and popular fantasy sports products with NBC Sports Group's growing digital assets, and significant television promotion and integration.
While Yahoo Sports and the NBC Sports Group will continue to maintain separate sites and editorial control of their respective newsrooms and digital properties, they will collaborate on premium sports news and events coverage both online and on the air. Yahoo Sports' popular products will also be included in the NBC Sports Group's digital assets.
Yahoo Sports will link to and promote the NBC Sports Live Extra video player. Fans will be able to watch live streams of some of NBC's biggest events, starting with Sunday Night Football and NHL Game of the Week. Live content from NBC Sports Network will continue to be distributed through NBC Sports Live Extra on a TV Everywhere basis.
Yahoo will also partner with NBC Sports to producer original video programming with Bob Costas and NFL segments.
December 7, 2012
Yahoo Buys OnTheAirYahoo has bought OnTheAir, a small startup developing software for online video chats based in San Francisco.
OnTheAir is made up of five engineers who will join Yahoo's Mobile division and develop technology that will help compete with Google Hangouts.
The company was bought for just under $10 million according to The Wall Street Journal and had raised just $880,000 from investors that include True Ventures and Triple Point Ventures.
October 23, 2012
Yahoo Reports Improved EarningsYahoo reported results for the quarter ended September 30, 2012, the first full quarter under new CEO Marissa Mayer.
Revenue excluding traffic acquisition costs was $1.089 billion for the third quarter of 2012, a 2 percent increase compared to the third quarter of 2011. GAAP revenue was $1.202 billion for the third quarter of 2012, a 1 percent decrease from the third quarter of 2011.
In the third quarter of 2012, non-GAAP net earnings per diluted share increased 66 percent year over year to $0.35. Non-GAAP net earnings per diluted share for the third quarter of 2012 excludes a net gain of $2.8 billion related to the sale of Alibaba shares and restructuring charges of $16 million, net of tax. On a GAAP basis, net earnings per diluted share was $2.64 in the third quarter of 2012, compared to $0.23 in the third quarter of 2011.
"Yahoo had a solid third quarter, and we are encouraged by the stabilization in search and display revenue," said Mayer. "We're taking important steps to position Yahoo! for long-term success, and we're confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners and shareholders."
For the 2012 London Games, Yahoo said it had over 3 billion page views more than its page views for the Beijing and Vancouver Games combined. During the first two weeks of the political conventions, Yahoo reported 45 percent more page views and 35 percent more time spent on its election-related experiences compared to 2008.The company also entered this month into a 364-day, $750 million unsecured revolving credit facility. The facility is currently undrawn and is expected to be used for general corporate purposes.
October 16, 2012
Yahoo Names de Castro New COOYahoo announced that Henrique de Castro has been hired as the company's new chief operating officer (COO). Reporting directly to CEO Marissa Mayer, de Castro will be responsible for strategic and operational management of Yahoo's sales, operations, media and business development worldwide.
"Henrique is an incredibly accomplished and rigorous business leader, and I'm personally excited to have him join Yahoo's strong leadership team," said Marissa Mayer. "His operational experience in Internet advertising and his proven success in structuring and scaling global organizations make him the perfect fit for Yahoo as we propel the business to its next phase of growth."
"The combination of Yahoo's unique properties with high quality content, its renewed focus on outstanding user experience and its massive reach bring tremendous value to users, advertisers and partners," said de Castro. "This is a pivotal point in Yahoo's history, and I believe strongly in the opportunity ahead. I can't wait to join Marissa and the team and get started."
De Castro brings more than 20 years experience leading operations, strategy, partner management and revenue generation for some of the world's leading brands. Most recently, he was vice president of Google's worldwide Partner Business Solutions group, where he was responsible for advertising platforms and services for Google's publisher and commerce partners. Prior to that, he led Google's media, mobile and platforms organization, where he helped to grow the business significantly. Prior to Google, de Castro spent two years at Dell Corporation, where he managed sales and business development operations across Western Europe. He has consulted for McKinsey & Company, where he advised numerous clients across many different industries. His career also includes senior positions in private equity and advertising businesses.
De Castro won't join the company until on or before January 22, 2013, or as soon as he has satisfied his obligations to his current employer Google.
October 1, 2012
Yahoo Forming Contextual Ad NetworkYahoo and Media.net announced a long-term agreement to launch Yahoo Bing Network Contextual Ads, powered by Media.net. The program aims to provide web publishers with a powerful and effective new solution for earning advertising revenue. Publishers can now use the Media.net platform to create and customize ad units that display relevant text ads from across the Yahoo Bing Network.
"Since its inception, Media.net has invested tremendous resources -- people, capital and time -- to build what Yahoo! identifies to be a terrific monetization solution for web publishers," said Al Echamendi, Vice President, Business Development, Yahoo. "During our evaluation process, we recognized Media.net as a technology and innovation leader, with a strong management team that has a significant business track record and industry experience."
"Yahoo holds a key leadership position in online advertising," said Divyank Turakhia, Founder & CEO at Media.net. "Teaming up with Yahoo allows us to offer web publishers with a solution that generates additional revenue for them and provides customization, control and flexibility that they would like."
Media.net will exclusively manage technology, business operations and relationships with respect to publishers worldwide for the program. Yahoo will manage technology, business operations and relationships with respect to advertisers and drive advertiser sales worldwide for the program. Yahoo will also manage all aspects of network operations to adhere to existing quality traffic standards.
The program is designed to work for websites that have premium content, where placing contextually relevant ads could result in high user engagement rates. The program is currently limited only to websites that primarily receive the majority of their traffic from the United States, Canada or United Kingdom.
The ad network will compete with Google's Adsense, which dominates the Internet with tens of thousands of sites and brings Google nearly one-third of total revenues.
September 26, 2012
Yahoo Employees Getting Free SmartphonesYahoo employees can get a new smartphone of their choice including Apple's just released iPhone 5 according to a company memo from new CEO Marissa Mayer.
Business Insider published the memo to employees which gives them a choice of smartphones provided by Yahoo. The phones include the iPhone 5, Samsung Galaxy S3, HTC One X, HTC EVO 4G LTE, or Nokia Lumia 920. Yahoo also plans to transition away from Blackberries from Research in Motion in the 22 countries it operates and into smartphones.
The new smartphones will likely cost the company several million dollars and are just another cool perk being offered at Yahoo by the new CEO. Over the summer, Mayer began offering Yahoo employees free food at the company's Sunnyvale headquarters and offices in New York.
September 19, 2012
Yahoo Sells Alibaba Stake for $7.6 BillionYahoo announced that it has closed the initial sale of shares in Alibaba Group Holding Limited. At closing, Yahoo received approximately $7.6 billion, $6.3 billion in cash and $800 million in preferred shares of Alibaba in exchange for half of Yahoo!'s 40 percent stake in Alibaba, as well as a payment of $550 million for a technology and intellectual property license agreement. Net cash proceeds after taxes and fees from the first stage of the repurchase agreement total approximately $4.3 billion.
"The completion of the first stage of the Alibaba share repurchase represents a significant milestone for both Alibaba and Yahoo!. The execution of the deal was excellent, and we are excited to announce its completion well within the six-month time frame we communicated. I look forward to continued partnership with Jack Ma and his team as they position Alibaba for future growth," said Yahoo CEO Marissa Mayer. "The Yahoo board and management have met, reviewed the strategy with regard to the proceeds, and are pleased to announce that we will be returning $3 billion of the proceeds to shareholders in addition to the 'down payment' of $646 million made over the past few months. This yields a substantial return for investors while retaining a meaningful amount of capital within the company to invest in future growth."
Yahoo will return approximately $3.65 billion in after-tax proceeds to shareholders, or 85 percent of the net cash proceeds from the initial sale of its shares in Alibaba. This amount includes $646 million the company has already returned to shareholders through share repurchases since the announcement of the transaction, as well as an additional $3.0 billion.
Yahoo will still own approximately 23 percent of Alibaba Group common stock, valued at $8.1 billion based on this most recent round of funding. Together with its preferred stock, the implied valuation of Yahoo's entire remaining stake is approximately $8.9 billion.
Under the terms of the agreement with Alibaba, the second phase allows for Yahoo! to monetize approximately half of its remaining stake at the time of an initial public offering (IPO) of Alibaba. After an IPO, Yahoo has the right to sell its remaining shares at its discretion following a customary lock-up period.
July 18, 2012
Yahoo Reports Second Quarter ResultsYahoo reported revenue excluding traffic acquisition costs ("Revenue ex-TAC") was $1.081 billion for the second quarter of 2012, flat compared to the second quarter of 2011. GAAP revenue was $1.218 billion for the second quarter of 2012, a 1 percent decrease from the second quarter of 2011.
Non-GAAP income from operations of $190 million in the second quarter of 2012 was flat compared to $191 million in the second quarter of 2011. Non-GAAP income from operations excludes restructuring charges and deal-related expenses of less than $1 million in the second quarter of 2011 and $136 million in the second quarter of 2012. On a GAAP basis, income from operations decreased 71 percent to $55 million in the second quarter of 2012, compared to $191 million in the second quarter of 2011.
New CEO Marissa Mayer, who took over on Tuesday, did not comment on the latest earnings report. Forbes also reports that Mayer is pregnant with her first child and due in October.
July 16, 2012
Marissa Mayer Named New Yahoo CEOYahoo has appointed long-time Google executive Marissa Mayer as President and Chief Executive Officer effective July 17, 2012. The appointment of Ms. Mayer, a leading consumer internet executive, signals a renewed focus on product innovation to drive user experience and advertising revenue for the company, whose leading properties include Yahoo Finance, Yahoo Sports, Yahoo Mobile, Yahoo Mail, and Yahoo Search.
Mayer said, "I am honored and delighted to lead Yahoo, one of the internet's premier destinations for more than 700 million users. I look forward to working with the Company's dedicated employees to bring innovative products, content, and personalized experiences to users and advertisers all around the world."
Mayer replaces interim CEO Ross Levinsohn, who took over after Scott Thopson resigned over discrepancies on his resume.
Most recently, Mayer was responsible for Local, Maps, and Location Services for Google, the company's suite of local and geographical products including Google Maps, Google Earth, Zagat, Street View, and local search, for desktop and mobile. Mayer joined Google in 1999 as its 20th employee and led efforts for many of Google's most recognizable products, including the development of its flagship search product and iconic homepage for over 10 years. Mayer managed some of Google's most successful innovations, launching more than 100 features and products including image, book and product search, toolbar, iGoogle, Google News, and Gmail -- creating much of the "look and feel" of the Google user experience.
Yahoo Co-Founder David Filo said, "Marissa is a well-known, visionary leader in user experience and product design and one of Silicon Valley's most exciting strategists in technology development. I look forward to working with her to enhance Yahoo's product offerings for our over 700 million unique monthly visitors."
"The Board of Directors unanimously agreed that Marissa's unparalleled track record in technology, design, and product execution makes her the right leader for Yahoo at this time of enormous opportunity," said Fred Amoroso, Chairman of the Board of Directors.
Mayer, who is 37 years old, received her B.S. in Symbolic Systems and her M.S. in Computer Science from Stanford University, specializing in artificial intelligence for both degrees. She is credited as an inventor on several patents in artificial intelligence and interface design.
June 20, 2012
Yahoo Names Chief Revenue Officer
Yahoo has appointed Michael Barrett as Executive Vice President and Chief Revenue Officer. Barrett will be responsible for Yahoo's advertising revenue and operations globally for the company, with Americas, EMEA and APAC regional leads reporting to him.
"Michael Barrett is regarded as one of the most successful and influential executives in media and technology, and I am thrilled to have him join Yahoo in this critical role," said Ross Levinsohn, Interim Chief Executive Officer. "I am confident that his deep industry experience and relationships will help us drive our strategic vision, taking Yahoo's industry-leading position to the next level."
Barrett joins Yahoo from Google where he led the integration efforts following Google's acquisition of Admeld, Inc. in December 2011. Barrett joined Admeld as CEO in 2008, and under his leadership the company became the leading global supply side platform solution for premium publishers. Prior to Admeld, Barrett worked at Fox Interactive Media as Executive Vice President and Chief Revenue Officer, where he oversaw worldwide revenue for all properties including MySpace and FoxSports.com and worked closely with Levinsohn. Before that, Barrett served as Executive Vice President of Sales and Partnerships at AOL Media Networks and held senior sales positions at interactive leaders Yahoo!, GeoCities and Disney Online.
"Yahoo is one of the largest and most iconic Internet companies in the world," said Barrett. "I am grateful for this opportunity to work with Ross and a group of immensely talented and energized people, all focused on driving Yahoo's leadership and strategic position on a global basis. I am looking forward to contributing everything I can to that effort."
In his new role at Yahoo, which he will assume in early July, Barrett will be part of the senior executive team, reporting directly to Levinsohn.
June 14, 2012
Yahoo Finance Partners With CNBCYahoo and business network CNBC have formed an alliance that will provide a broadcast platform for original content from Yahoo Finance in the U.S. while also expanding CNBC's Web presence.
CNBC will now be the premier content provider for Yahoo Finance, dramatically increasing its presence on the site, which attracts an audience of close to 40 million a month. The Yahoo Finance audience will notice immediate changes to the homepage, where CNBC news articles, video clips and in-depth analysis pieces will be more prominently featured.
Later this year the companies will co-create a slate of original video programs to appear on both Yahoo Finance and CNBC.com. CNBC will promote these programs on-air but they will be strictly tailored to appeal to a Web audience, joining other Y! Finance originals such as The Daily Ticker and Breakout. Yahoo Finance's talent will also appear on-air as a part of CNBC's award-winning programming, which reaches nearly 100 million households.
"Our mission is to create the richest and most powerful experiences for users each and every day," said Ross Levinsohn, interim CEO of Yahoo, in a statement. "Partnering with CNBC will allow Yahoo Finance to expand its offerings instantly and enhance its position as the most viewed and utilized finance site in the world.
May 28, 2012
Yahoo Debuts Axis Search ToolYahoo has debuted a new free search tool called Axis which is available as a browser on Apple's iPad and iPhone devices and as a separate browser plug-in for desktop computers. Axis allows you to enter your search, see and interact with visual results, all without ever leaving the page you are on. Axis seamlessly integrates with your favorite desktop browser and automatically connects your online experiences across multiple devices.
"Our search strategy is predicated on two core beliefsone, that people want answers, not links and two, that consumer-facing search is ripe for innovative disruption," said Shashi Seth, senior vice president, Connections, Yahoo Inc. "With Axis, we have re-defined and re-architected the search and browse experience from the ground up."
Axis provides an easy and efficient cross-device experience that offers:
May 13, 2012
Thompson Resigns as Yahoo CEOScott Thompson has resigned as CEO effective immediately after it was discovered his resume contained inaccuracies about receiving a Computer Science degree. Thompson had only become CEO in January.
Yahoo's Board of Directors has named Ross Levinsohn as interim Chief Executive Officer and Fred Amoroso as Chairman of the Board of Directors. The Company also announced that its Board has reached an agreement with Third Point LLC ("Third Point") to settle its pending proxy contest related to the Company's 2012 annual meeting of shareholders. Third Point owns 5.8% of Yahoo shares and discovered the discrepancy on Thompson's resume.
New Yahoo Chairman Amoroso replaces Roy Bostock, who has stepped down from his role as Non-Executive Chairman in order to accelerate the leadership transition for the new Board.
Under the Board's settlement agreement with Third Point, three Third Point nominees — Daniel S. Loeb, Harry J. Wilson, and Michael J. Wolf — will join the Yahoo! Board, effective May 16, 2012. Mr. Bostock, along with Patti Hart, VJ Joshi, Arthur Kern and Gary Wilson, all of whom previously disclosed their intentions not to stand for re-election, as well as Mr. Thompson, have decided to step down from the Board immediately.
As a part of the settlement agreement, Third Point, which owns an aggregate of 70,545,400 shares, or 5.8% of Yahoo! common stock, has agreed to withdraw its previous Board nominations for consideration at the annual meeting and vote its shares in support of Yahoo!'s nominees. Yahoo!'s slate of director nominees for election or re-election at the 2012 annual meeting of stockholders will now include Fred Amoroso, John Hayes, Peter Liguori, Thomas McInerney, Maynard Webb, Sue James, David Kenny, Brad Smith, Daniel S. Loeb, Harry J. Wilson and Michael J. Wolf.
As interim CEO, Mr. Levinsohn will manage the Company's day-to-day operations with assistance from Yahoo's existing senior leadership team.
"The Board is pleased to announce these changes and the settlement with Third Point, and is confident that they will serve the best interests of our shareholders and further accelerate the substantial advances the Company has made operationally and organizationally since last August. The Board believes in the strength of the Company's business and assets, and in the opportunities before us, and I am honored to work closely with my fellow directors and Ross to continue to drive Yahoo! forward," said Fred Amoroso, Chairman of the Yahoo Board of Directors.
May 4, 2012
Investor Says Yahoo CEO Lied on ResumeThird Point LLC, an investor with 5.8% ownership of Yahoo shares, claims the company misled the public about new CEO Scott Thompson's academic credentials. Third Point, led by Daniel Loeb, released a letter to the Board of Directors of Yahoo which said the following:
According to the Yahoo Form 10-K/A, filed with the Securities and Exchange Commission on April 27, 2012, newly-hired Chief Executive Officer, Scott Thompson, "holds a Bachelor's degree in accounting and computer science" from Stonehill College. This assertion was repeated in the Company's draft proxy statement, also filed with the SEC on April 27, 2012, as well as on the Company's website.
A rudimentary Google search reveals a Stonehill College alumni announcement stating that Mr. Thompson's degree is in accounting only. That announcement is consistent with other documents (including filings with the SEC) that reflect Mr. Thompson received a degree in accounting, but not computer science.
Upon recognizing this discrepancy, Third Point initially assumed that the documents we had reviewed were incorrect and the representations in Yahoo's public filings were accurate. However, we were then informed by Stonehill College that Mr. Thompson did indeed graduate with a degree in accounting only. Furthermore, Stonehill College informed us that it did not begin awarding computer science degrees until 1983 -- four years after Mr. Thompson graduated. We inquired whether Mr. Thompson had taken a large number of computer science courses, perhaps allowing him to justify to himself that he had "earned" such a degree. Instead, we learned that during Mr. Thompson's tenure at Stonehill only one such course was even offered -- Intro to Computer Science. Presumably, Mr. Thompson took that course.
Loeb says that Thompson is unfit to run the company due to questions about his character as well as the new Board of Directors that approved his hiring. Loeb seeks to add a new set of directors to Yahoo with four of its own nominees.
May 1, 2012
Yahoo to Beef Up Olympic CoverageYahoo announced its Olympic Summer Games programming efforts will bring its over 700 million global users closer to the events than ever before, in dozens of languages and regions, across multiple screens and digital platforms.
Yahoo's coverage will include original video programs, breaking news, expert analysis from Gold Medal Olympians Dan O'Brien (Track and Field), Summer Sanders (Olympics), Shannon Miller (Gymnastics), and the award-winning team of writers from Yahoo! Sports, as well as social integration programs, and for the first time Yahoo will reveal its "Memorable Moments" editorial series to build excitement for the Games.
All the exclusive content will be live across the Yahoo Media Network in addition to the Yahoo hub dedicated to coverage of the Games (http://sports.yahoo.com/olympics/) and Yahoo Sports (http://sports.yahoo.com/). Yahoo's sports division is the No. 1 global sports destination online with over 104 million unique visitors a month according to Comscore.
"As the No. 1 global destination online for Olympics coverage for the past three Games, Yahoo dominates Olympics coverage with our unique storytelling; this year will be no exception and we will be bigger and better than ever before," said Ross Levinsohn, executive vice president, head of global media. "We're programming immersive digital experiences for a global audience and delivering a locally relevant editorial voice in each market. Our angle is to cover the stories behind the stories with our own exclusive talent, including multiple former Olympians - across screens, across the globe."
Yahoo will provide fans with the key moments of the Summer Games across multiple devices, including mobile phones, tablets, TV and the desktop, ensuring they never miss a beat regardless of where they are. Yahoo
April 18, 2012
Yahoo Reports First-Quarter ProfitYahoo reported a profit of $286 million and revenues of $1.22 billion in the first quarter of 2012 and the first under CEO Scott Thompson.
"In the first quarter, Yahoo's results came in at the high end of our guidance range and beat consensus on revenue and profits," said Scott Thompson. "We also made changes to resize the organization and establish a new leadership structure to quickly deliver the best user and advertiser experiences at scale."
The company established a new leadership structure under Thompson, organizing into three main groups -- Consumer, Technology and Regions -- bringing resources closer to users and advertisers. Yahoo also appointed five new directors and saw co-founder Jerry Yang leave the company.
Yahoo's worldwide visitors during January and February grew 7 percent year over year with minutes spent increasing 14 percent in communications and communities and 8 percent in media properties according to Comscore.
Thompson said Yahoo will focus on its core businesses and shut down 50 properties. Yahoo cut 2,000 employees earlier this month.
April 4, 2012
Yahoo Cuts 2,000 JobsYahoo is cutting 2,000 jobs at the company this week as part of a restructuring implemented by new CEO Scott Thompson.
"Today's actions are an important next step toward a bold, new Yahoo -- smaller, nimbler, more profitable and better equipped to innovate as fast as our customers and our industry require. We are intensifying our efforts on our core businesses and redeploying resources to our most urgent priorities. Our goal is to get back to our core purpose -- putting our users and advertisers first -- and we are moving aggressively to achieve that goal," said Thompson. "Unfortunately, reaching that goal requires the tough decision to eliminate positions. We deeply value our people and all they've contributed to Yahoo."
Yahoo employed 14,000 people before the job eliminations and additional job cuts may be possible.
Yahoo said it expects to realize approximately $375 million of annualized savings upon completion of all employee transitions. The company currently expects to recognize the majority of an estimated $125 to $145 million pretax cash charge relating to employee severance in its second quarter financial results. The company may incur additional charges in connection with this action.
March 28, 2012
Yahoo Appoints Three Independent DirectorsYahoo announced that its Board appointed three new independent directors, effective April 5, 2012 : John D. Hayes, Executive Vice President and Chief Marketing Officer of American Express Company; Peter Liguori, former Chief Operating Officer of Discovery Communications, Inc. and former Chairman and President of Entertainment of Fox Broadcasting Network; and Thomas J. McInerney, the outgoing Chief Financial Officer of IAC/InterActiveCorp.
"Each of these individuals impressed the search committee with their demonstrable records of significant accomplishment at the highest levels of media, advertising and marketing, finance, including corporate finance and restructuring, and further insight into customers' perspectives. Together, they bring a powerful mix of exactly the right ingredients to fuel Yahoo's forward momentum. Having thoroughly reviewed a broad range of highly qualified candidates and sought input from a number of major shareholders, the Committee enthusiastically recommended to the full Board the appointment of these three excellent directors," said Patti Hart, chairman of the Board's Nominating and Corporate Governance Committee, which conducted the search process.
Roy Bostock, Chairman of the Board, added, "Yahoo is moving aggressively to increase shareholder value. We have appointed a capable and dynamic CEO who is driving the business towards its next era of success. And we have reconstituted the Board of Directors with the right mix of experience and expertise to help Yahoo build upon its very strong assets and brand base to take advantage of the opportunities ahead."
The Nominating and Corporate Governance Committee conducted the search process in conjunction with a leading professional search firm and identified, interviewed and evaluated a wide range of candidates, including Third Point's nominees. Following completion of the Committee's evaluation process, the Committee and the Board determined that the group of candidates announced today were the best qualified, based particularly on their individual accomplishments and records of value creation in other positions with specific relevance to Yahoo's business and its opportunities.