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Yahoo shares surge despite falling profits

Shares in struggling internet search giant Yahoo jumped nine per cent despite a 20 per cent fall in first quarter earnings.

The company’s profits of $312m (£187m) still beat expectations.

Yahoo also said revenue from display advertising increased by 2 per cent to $409m, the first rise in some time. Overall, first quarter revenue was $1.1bn, the best since 2010.

“I am really pleased by our first quarter performance,” said chief executive Marissa Mayer in a statement.

Yahoo also reported that it had 430 million monthly mobile users who accessed Yahoo products, a crucial measure as the firm seeks to catch up with Facebook and Google to attract mobile advertising.

It also increased its total workforce by eight per cent to 12,400 global employees.

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