Troubled web company Yahoo appears to be starting to make money again and reported its first quarterly sales growth in three years.
Chief Executive Scott Thompson has been outlining his cunning plan to save the struggling company, but seemed pleased with the results.
His cunning plan involves shuting down dozens of underperforming online properties, while making online commerce and mobile products a bigger part of Yahoo’s business.
He told analysts that Yahoo did not need to reinvent itself, it just needed to improve the experiences users have with the company.
Thompson wants to explore ways to monetise some of its stake in China’s Alibaba Group.
According to Reuters, analysts were not particularly impressed as they did not hear anything aggressive or transformative in what he told them.
Yahoo’s net income grew 28 percent in the three months ended 31 March, to $286 million, outpacing what the cocaine nose jobs of Wall Street predicted.
Much of the increase in quarterly profit came from Yahoo’s earnings in equity interests, which more than doubled year on year and comprise mainly its investments in Alibaba as well as Yahoo Japan.
At the moment its share investments are making more cash than its core business.
It is looking like Yahoo’s partnership with Microsoft has not performed up to expectations.
Thompson said he was personally working with Microsoft to improve the payoff from the companies’ 10-year search partnership.