Yahoo boosted by Alibaba

Tim Wallace
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STRUGGLING internet icon Yahoo last night reported sluggish revenue growth for the first quarter of 2014.

But its shares were boosted by strong revenues at Alibaba, a Chinese firm in which Yahoo has a 24 per cent stake.

Yahoo’s revenues edged up one per cent to $1.09bn (£652m) but net income fell 25 per cent to $311.6m.

Meanwhile Alibaba’s revenues surged 66 per cent to £3.06bn for the fourth quarter of its financial year.

Alibaba is expected to go public this year, giving Yahoo a chance to cash in on its investment.