Yahoo Beats Wall Street View, Sees Verizon Deal Closing In Second Quarter

[Ron Burgundy]

Yahoo Inc on Monday reported better-than-expected quarterly profit and revenue, and said the sale of its core internet business to Verizon Communications Inc should be completed in the second quarter, allaying some investor concerns that the deal might collapse. The $4.8 billion Verizon transaction had originally been expected to close in the first quarter but was delayed by the disclosure of two major cyber breaches that exposed information from more than a billion Yahoo accounts. The Securities and Exchange Commission has opened a probe into whether Yahoo's data breaches should have been disclosed sooner to investors, the Wall Street Journal reported on Monday.

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