Yahoo’s eventful life seems to be continuing into 2017.
The company said the sale of its core web business to Verizon was pushed back, to the second quarter instead of the first. In an earnings release, Yahoo attributed this to “work required to meet closing conditions.”
The firm also reported revenue of $1.47 billion in the fourth quarter of 2016 and adjusted earning 25 cents a share, compared with revenue of $1.27 billion and earnings at 13 cents a share a year ago.
Yahoo chief executive officer Marissa Mayer said that she was proud of the results “given the uniquely eventful past year for Yahoo.”
The company reported $1.5 billion in mobile revenue and more than $750 million in native advertising revenue “while operating the company at the lowest cost structure in a decade,” Mayer said. “With our 2016 and [fourth quarter] financial results ahead of plan, and the continued stability in our user engagement trends, the opportunities ahead with Verizon look bright.”
She said that among Yahoo’s top priorities was enhancing security for its users, a nod to the massive data breaches that have plagued many of Yahoo’s one billion users and potentially impacted the pending $4.83 billion sale to Verizon.
Earlier this month, Yahoo said Mayer would step down from its board of directors after the sale — assuming it goes through.
According a regulatory filing, the company’s board will be reduced to five members, from the current 11. The filing was clear to state that the move “is not due to any disagreement with the company on any matter relating to the company’s operations, policies or practices.”
It is not yet clear if, and how, Mayer will stay on at the company afterward. Immediately following the news that Yahoo would be sold to Verizon, she said that she intended to stay on through the transition.
The all-cash sale of Yahoo would encompass Yahoo search, e-mail and digital content products, including its four content categories of news, sports, finance and lifestyle.