Yahoo income, revenue increase in Q1

By Ovunc Kutlu

NEW YORK (AA) - Yahoo’s net income and revenue rose in the first quarter, the Internet company said Tuesday.

Revenues rose 22 percent to $1.33 billion in the first three months of 2017, from $1.09 billion the same period a year ago.

Yahoo posted a $99 million loss a year ago, but saw $99 million of net income in the first quarter of 2017.

After the strong earnings, the firm's stock price rose 0.6 percent to as high as $47.68 in after-hours trading.

"As we enter our final quarter as an independent company, we are committed to finishing strong and planning for the best possible integration with Verizon," CEO Marissa Mayer said in a statement.

"With the transaction anticipated to complete in June, I've never been more proud of the improvements we've made to the business and the value we've delivered to our shareholders," she said.

The two firms reached an agreement last July in which Verizon would buy Yahoo for $4.83 billion. The deal, however, could have fallen apart after 1 billion Yahoo users were believed to be hacked in 2013, and another 500 million in 2014.

The companies agreed in February to cut $350 million from the price of the agreement. The new deal is now worth $4.48 billion in cash.