Boston, MA 07/04/2014 (wallstreetpr) – Yahoo! Inc. (NASDAQ:YHOO) moved to shake up its system as it seeks to turnaround its financial performance. The company announced the closing of products such as Shine, Xobni and Yahoo Voices, which have increasingly become unpopular in recent times.
Shine is a women’s lifestyle platform while Xobni is contact management application. The company plans to trim its product lineup to just about a dozen. It products are currently stand in the range of 60 – 75.
According to company officials, removal of aging products will allow the company to increase its focus on promising products as it seeks to bolster its advertisement revenue.
As the company closes unpopular products, it has also been including products that enhance user experience through acquisition of startups and talents. The company has been hiring journalists and editors to improve its news site Yahoo News Digest. The company is also acquiring startups to help it achieve greater penetration in mobile, which is becoming an important platform for content sharing.
Advertisement revenue
Yahoo! Inc. (NASDAQ:YHOO) is aggressively pursuing online advertising revenue. The company has fallen behind rivals Facebook Inc (NASDAQ:FB) and Google Inc (NASDAQ:GOOG) in online ad revenue. However, the management can be seen courting advertisers through introduction of more compelling products and analytical tools.
Yahoo upgraded
As Yahoo! Inc. (NASDAQ:YHOO) puts its best foot forward to attracting more users and advertisers to boost its financial performance, the ticker has caught the attention of Wall Street. The analysts at Piper Jaffray upgraded the stock to Overweight from Neutral. They also raised their price target on the stock to $43 from $37.
The analysts observed that the approaching IPO of Alibaba will have a positive impact on the price of Yahoo. Alibaba, a leading Chinese e-commerce company, plans to list on New York Stock Exchange under the ticker symbol “BABA.”
Of the 48 analysts covering As Yahoo! Inc. (NASDAQ:YHOO), 22 recommend the stock as a Buy, 15 a Hold, and one analyst recommends a Sell on the stock.
