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Yahoo! touched a 52-week high after new CEO Marissa Mayer outlined her turnaround strategy for the biggest U.S. web portal, emphasizing mobile technology and personalized services. The third-quarter results announced Monday weren’t astounding, but they were better than analysts anticipated. Most importantly, Yahoo!’s net revenue crept higher for the third-straight year.
Mayer, the company’s fifth CEO in four years, said on a conference call with analysts that she aims to grow as fast as competitors in online search, display advertising, mobile applications, and products such as email. Mayer also plans to focus on small acquisitions of less than $100 million rather than large deals, and expects to move workers around within Yahoo! instead of cutting large groups of employees.
“Our vision and direction for Yahoo! is to make the world’s daily habits inspiring and entertaining,” Mayer said. “We’ll become a growth company by inspiring and delighting our users.”
Yahoo! (YHOO : NASDAQ : US$16.67), Net Change: 0.90, % Change: 5.71%, Volume: 71,290,231