The Yahoo Inc. (NASDAQ: YHOO) stocks, in premarket trade on Thursday, surged by 7.3%. This increase came as a result of a significant jump in the shares of the e-commerce giant in China, Alibaba Group Holding’s (NYSE: BABA), which helped to boost Yahoo’s coffers by around $3.1 billion.
Interestingly, in comparison to this boost, Yahoo recorded combined revenue over the last three months of $3.2 billion.
In premarket trade, Alibaba’s stock surged $8.09, or 10%, after the company’s better-than-expected 1st quarter earnings report.
According to the most recent regulatory filings, Yahoo owns 15.4%, or 383,565,416 shares of the outstanding Alibaba shares.
With this said, in January Yahoo announced its plans to spin off the stake in Alibaba; however, this is only expected to be completed by the 4th quarter of 2015.
MT4 Chart: Yahoo
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