Yahoo has said that its planned buyout by Verizon is being put off until the second quarter of the current financial year.
In a detailed statement, the company’s CEO, Marissa Mayer, said that Yahoo is expecting the much-hyped $4.8 billion deal to be completed by the end of the second quarter of this financial year.
Interestingly, the company indicated that it had posted improved performance in the just-ended financial year.
The CEO said that the company was fully committed to the needs of its users and that it sought o build its success providing a broad range of exciting products to its customers.
‘We appreciate the level of support that we have received from our clients in the form of their loyalty to our products and service; we remain committed to providing the best products and services to them,’ she further said.
Lately, Yahoo has been involved in a major controversy arising from revelations that the company lost the personal data of millions of its users to hackers. Last year, it emerged that the company had fallen victim to two major hacking incidents in which it lost the data of its clients to hackers.
It later emerged that the top executives of the company had been aware of the hacking but failed to notify other stakeholders of the company in time.
Currently, the issue is the subject of a SEC investigation.
The hacking incidents and the ongoing SEC investigation cast a shadow on the prospects of the takeover bid of the company by Verizon, with many observers arguing that Verizon could most likely revise its proposal.
However, Verizon later indicated that it was still determined with seeing the deal through but that it could always be ready to appraise the deal as it receives new important information about the business situation at Yahoo.
Interestingly, from the financial performance of the company that has been posted, it appears that the company has managed to overcome all these difficulties and post what many have described as impressive results for the year.
The sales of the company for the last quarter improved to $1.46 billion from the $1.27 billion that it posted for the fourth quarter of the previous year.
Also, the company exceed the $1.38 billion that analysts had predicted it could make in sales for the previous year.
Mayer was all praises for the company, pointing out that the manner in which the team had executed their 2016 strategy was impressive.
The company is expected to complete a series of high-profile transactions in the coming months, followed by changes in its structure, business model and the size of the board.