He called the Yahoo purchase "a waterfall of content moving down through our platforms". Now it's making plans to control more of the advertising on those devices. Revenue for the quarter hit $30.53 billion, a 5.3% decline compared with $32.22 billion in the year earlier period. "I love Yahoo and I want to see it into its next chapter". In 2015, Yahoo contributed about $15 million to its defined contribution plans for non-U.S. employees, according to the company's 2015 annual report.
According to a press release from Verizon, "Yahoo will be integrated with AOL under Marni Walden, EVP and President of the Product Innovation and New Businesses organization at Verizon".
We know what's next for Yahoo - the company will create and manage a new entity labeled "Remain Co.", which includes Yahoo's many other assets, including its stake in Alibaba Group Holding Ltd (NYSE: BABA) and Yahoo!
Mayer was explicitly brought on at Yahoo at a time when it was dealing with slowing ad revenue, big layoffs, and a slumping stock price to turn things around. Mayer has already jettisoned 1,900 Yahoo workers since last September.
Mayer arrived in 2012 from Google seeking to revitalize Yahoo, which at its peak had a market value of over $100 billion.
"Verizon's second quarter shows that the company continues to deliver strong results while evolving operations and advancing a strategy to sustain network leadership, build new ecosystems and deliver the promise of the digital world to customers."
Yahoo was founded in the year 1994. Today, Yahoo's market cap is $36.36 billion.
Verizon Communications and Yahoo! have announced that the two companies have come to a mutual agreement for acquisition.
Verizon Communications Inc. indicated Tuesday that an ongoing labor strike negatively affected its bottom line in the most recent quarter. In the same quarter a year earlier, Verizon added 96,000 Fios connections.
Armstrong also noted that Verizon is still trying to integrate Microsoft's advertising business, so the Yahoo purchase adds another layer of complexity to the overall process of growing Verizon's digital media empire out of AOL and Yahoo. But there's also the very real possibility that Yahoo! is simply struggling to find a buyer. Mayer had been devoted to keeping Yahoo as a single business entity and focusing on its own products, but past year activist shareholders began agitating for breaking up the company and selling pieces off.
Mayer, 41, is the latest in a succession of Yahoo CEOs who could not engineer a comeback.
While the Fios fibre services grew revenue 3.7 percent to Dollars 2.8 billion in Q2, the work stoppage hurt growth in connections, and the company lost a net 13,000 Fios internet connections and 41,000 Fios video subscribers in Q2.