Yahoo! Q3 net at $3.16 bn

Yahoo Inc reported a staggering net income of $3.16 billion in the three months ended September 30, largely due to sale of part of its stake in Chinese e-commerce portal Alibaba Group Holding Ltd. In the year-ago period, it had a net income of $293.29 million, Yahoo said.However, the company’s revenue fell by one per cent to $1.20 billion.

Its quarterly profit surged as Yahoo has closed initial stage of its share repurchase agreement with Alibaba, receiving pre-tax proceeds of a total $7.6 billion, including $6.3 billion in cash and the remaining $800 million in preferred shares.

Yahoo said it plans to give 85 per cent or $3.65 billion of that amount, after taxes, back to shareholders.