Yahoo Inc.'s financial performance improved slightly during the fourth quarter while the company dealt with the fallout from massive security breaches that have jeopardized the $4.8-billion sale of its Internet operations to Verizon Communications Inc.
Yahoo also disclosed Monday that the closure of the Verizon deal will be delayed for up to three months. And, according to the Wall Street Journal, the Securities and Exchange Commission has opened an investigation into whether Yahoo should have announced the security breaches sooner than it did.
Yahoo’s fourth-quarter report, released Monday, provided the latest snapshot of a shrinking company that has been steadily losing ground in the digital advertising market that generates most of its revenue.
Although cutting costs helped the Sunnyvale, Calif., company bounce back from a loss in the same period a year earlier, the company's net revenue slipped yet again to extend a downturn that has lasted through most of Chief Executive Marissa Mayer's 4½-year tenure. In a sign of modest progress, Yahoo's revenue fell 4% after subtracting ad commissions, snapping a streak of four consecutive quarters of double-digit declines.
Yahoo's long-running slump culminated in its agreement last summer to sell its email service, websites and mobile applications to Verizon.
But after striking the Verizon deal, Yahoo revealed that it had been hit by two separate hacking attacks that compromised the email addresses, birth dates, answers to security questions, and other personal information from more than 1 billion user accounts. The break-ins occurred in 2013 and 2014, raising further questions about Yahoo's security controls and the timing of its disclosures.
A report in the Wall Street Journal, cited unidentified people familiar with the matter, said the SEC has opened an investigation into whether Yahoo took too long to announce the security breaches.
The SEC declined to comment. Yahoo pointed to an SEC filing in November that acknowledged the company is cooperating with various government agencies, including the SEC, that are seeking information and documents pertaining to the breaches.Read More...
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