Boohoo for Yahoo: Tech giant loses deal that generates $100m in annual revenue
Yahoo has lost a major client, that brought it close to $100m in revenue annually, to tech company Synacor.
AT&T is ending its 15-year-long partnership deal with Yahoo to host its website and other applications.
According to the Wall Street Journal, most of the $100m Yahoo earned from the deal with AT&T was “pure profit”.
The news comes as the web portal reported a $99m (£69m) quarterly loss, compared to a $21.2m profit for the same period last year.
Back in February, Yahoo CEO Marissa Mayer announced plans of cutting more than 15 per cent of the company’s workforce.
Rumours are rife that big companies like Verizon, Google, Time Inc and Daily Mail and General Trust Group are interested in snapping up Yahoo’s core business.