Amid the process of Yahoo! NASDAQ:YHOO) take over by Verizon and company vowing to protect its users, as a massive hacking looms over the deal.
Yahoo’s CEO said in a statement that “In addition to our continued efforts to strengthen our business, we are busy preparing for integration with Verizon, We remain very confident, not only in the value of our business, but also in the value Yahoo products bring to our users’ lives.”
The internet technology and media company released the statement on Tuesday while announcing the results of the quarter that has beaten analysts’ outlooks and revenue that met estimates. Yahoo shares surged about 1.5 percent after hours, while Verizon stock also rose slightly.
Earlier this year Verizon finalized a proposed deal to buy Yahoo for reported $4.8 billion, after Yahoo failed to adopt “strategic alternatives” for long time amid scrutiny from activist investors. The deal is expected to close in the first quarter of 2017, subject to sanction by Yahoo shareholders and regulators.
Internet giant reported third-quarter earnings per share of $0.20, adjusted, on revenue of $1.31 billion. Meanwhile anticipated Yahoo to report earnings of about $0.14 a share on $1.31 billion in revenue. The results were up slightly from $0.15 per share on $1.27 billion in revenue in the year-ago period.
However Yahoo said in July that it was expecting third-quarter revenue of $1.275 billion to $1.325 billion on a GAAP basis.
Meanwhile a widespread data breach at the company could have a material impact on the deal, said Verizon’s general counsel.
Recently Yahoo! (YHOO) disclosed that the data of 500 million user accounts was stolen in late 2014, likely by the government. But the company showed that the number of messages sent and received on Yahoo mail actually ticked up after the notification of the breach.