Yahoo's quarterly revenue growth sluggish as turnaround continues
Alibaba could file for $16bn IPO as early as next week
Yahoo again posted anemic quarterly revenue growth as the Internet company's advertising business continues to lag its rivals, nearly two years into Chief Executive Officer Marissa Mayer's comeback effort.
Mayer told analysts on Tuesday that new mobile and advertising initiatives were gaining momentum, positioning the company for a period of stable but modest growth. Revenue from its core display advertising business inched 2pc higher in the first quarter, reversing several consecutive quarters of declines.
But the company forecast second-quarter revenue, excluding fees paid to partner websites, of $1.06 billion to $1.1 billion. That suggests revenue could decline by as much as 1 percent or rise by up to 2.7 percent from $1.07 billion a year earlier, underscoring the challenges facing its business.
That did not faze Wall Street, which is focused primarily on Yahoo's 24pc stake in Alibaba Group Holding.
Chinese e-commerce giant Alibaba Group Holding is expected to file the prospectus for its US initial public offering next week, sources today, moving closer to what could be the biggest-ever listing by a technology firm.
Alibaba's documents could be filed as soon as Monday, added the sources, who couldn't be named because the plans aren't yet public.
The IPO could be worth more than $16bn, surpassing the previous record for a technology share sale set by Facebook Inc in 2012, Reuters previously reported.
Alibaba had no comment to make on its IPO filing, a spokeswoman said