Digital media company Yahoo Inc reported a 5.2 percent rise in revenue to $1.31 billion in the second quarter ended June 30 from $1.24 billion a year earlier.
Yahoo announced $440 net loss in Q2 2016 against $22 million. The net loss in second quarter of the year is due to the company’s write off towards the acquisition of Tumblr. Yahoo recorded a non-cash goodwill impairment charge of $395 million and a non-cash intangibles impairment charge of $87 million related to Tumblr.
Yahoo is in the process of selling its core search and advertising business and reports suggested that a final bidder would be picked on July 18.
Verizon Communications Inc and AT&T Inc in the running, as well as private equity firm TPG Capital and a consortium lead by Quicken Loans founder Dan Gilbert and backed by Berkshire Hathaway Inc Chairman Warren Buffett.
“With the lowest cost structure and headcount in a decade, we continue to make solid progress against our 2016 plan. Through disciplined expense management and focused execution, we delivered Q2 results that met guidance across the board and in some areas exceeded it,” said Marissa Mayer, CEO of Yahoo.