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Yahoo! Inc. (YHOO), the biggest U.S. Web portal, rose to a five-year high after reporting that the value of its stake in Chinese e-commerce company Alibaba Group Holding Ltd. surged in the first three months of the year. Yahoo Boosted By Alibaba Results [bloomberg.com]
Shares of Yahoo gained 6.7 percent to $28.69 at 11:37 a.m. in New York, and earlier touched $28.91 for the highest intraday price since May 2008. Yahoo, which has a stake of about 24 percent in Alibaba, said yesterday that the Chinese company’s profit tripled in the first quarter.
Yahoo’s second-quarter profit excluding some items was 35 cents a share, the Sunnyvale, California-based company said yesterday. Analysts had projected, on average, profit of 30 cents. Yahoo made $225 million in earnings in the quarter from its equity interest in both Alibaba and Yahoo Japan, up from $180 million in the same period last year.