SAN FRANCISCO (Reuters) – Activist hedge fund Third Point LLC reached an agreement to sell two-thirds of its stake in Yahoo Inc back to the company, pocketing a tidy profit and relinquishing three seats on the board of a company trying to effect a tricky turnaround.
Third Point’s decision to sell a chunk of its single largest corporate holding comes as the struggling Internet company’s stock fell over 4 percent on Monday after having surged more than 80 percent during the past 12 months, due largely to aggressive share buybacks and the value of Yahoo’s Asian assets.
(Reuters) – Activist hedge fund Third Point LLC reached an agreement to sell two-thirds of its stake in Yahoo Inc back to the company for $29.11 per share on Monday, sending shares of the Internet company down nearly 5 percent.
Three Yahoo board directors appointed by Third Point, including Daniel Loeb, the hedge fund’s chief, will resign from Yahoo’s board. Third Point will still own about 20 million shares, less than 2 percent of the Internet media company’s common stock.
SAN FRANCISCO (Reuters) – Google Inc reported second-quarter results short of Wall Street’s estimates as weakening prices for the Internet company’s ads and widening losses from its Motorola mobile phone business weighed on the bottom line.
Shares of Google, which had risen to all-time highs in recent weeks, were down more than 5 percent at $863 in after- hours trading on Thursday, having earlier closed at $910.68 on the Nasdaq.
SAN FRANCISCO (Reuters) – Marissa Mayer’s plan to resuscitate Yahoo seems a simple one: get back the eyeballs, sell more ads and charge higher prices. But the chief executive’s plan seems to have run into a major snag.
The price the company charges per ad slid 12 percent in the April to June period, six times the decline just a quarter ago – a fall that some say highlights how Yahoo has been caught unprepared for the industry shift to automated, programmatic ad buying.
SAN FRANCISCO, July 16 (Reuters) – Yahoo Inc
trimmed its outlook for 2013 revenue on Tuesday after reporting
ongoing reductions in display advertising sales volume and
prices in the second quarter, signs that CEO Marissa Mayer’s
attempts to revive the struggling Internet giant may not produce
results in a timely fashion.
The company is now forecasting revenue of $4.45 billion to
$4.55 billion this year, down from $4.5 billion to $4.6 billion
previously. Yahoo also reported that second-quarter net revenue
was down slightly at $1.071 billion, though it posted adjusted
profit that was ahead of Wall Street targets.
SAN FRANCISCO (Reuters) – Microsoft Corp launched its biggest internal overhaul in five years to streamline the development of products from Windows to tablets, hoping to catch nimbler rivals in mobile and cloud computing.
Lack of coordination and infighting have hurt innovation within the $74 billion (48.75 billion pounds) revenue, 98,000-employee organisation, which hopes to accelerate the design of products that appeal to a new generation of users more accustomed to smartphones and tablets than laptops or desktop PCs.
SAN FRANCISCO, July 11 (Reuters) – Microsoft Corp’s
sweeping re-organization on Thursday creates a company that,
more than ever, bears the stamp of Chief Executive Steve
The face of Microsoft since he took the reins from
co-founder Bill Gates in 2000, Ballmer stressed the importance
of improving internal collaboration and eliminating redundancies
when he released the company’s new organizational blueprint.
SAN FRANCISCO (Reuters) – The reorganization Microsoft Corp announced on Thursday represents the most sweeping re-structuring of the world’s largest software company since 2008, designed to better align Microsoft’s operations with Chief Executive Steve Ballmer’s stated goal of becoming a “devices and services” company.
Microsoft’s stronghold providing software for PCs is under threat as consumers and corporations increasingly turn to mobile devices, such as smartphones and tablets, and to Web-based software.
(Reuters) – Microsoft Corp launched its biggest internal restructuring in five years to unify development of its products including Windows, across an increasingly wide spectrum of ways to use them, from mobile devices to the cloud.
The company is trying to address a lack of coordination and spark innovation within the $74 billion annual revenue, 98,000-employee organization. The flagship Windows operating system, developed separately for PCs and mobile devices, will now be folded into one group, for instance.
SAN FRANCISCO (Reuters) – Yahoo Inc acquired email and address book management app Xobni, the Internet company’s third acquisition in as many days as it seeks to revamp its online products and boost its Web traffic.
Yahoo said it will integrate Xobni’s technology into its communications products, including the mobile and PC versions of its email and instant messaging services.