Sunday, 19 May 2013

Yahoo schedules event for May 20, to unveil 'something special'

New York: Yahoo CEO Marissa Mayer is promising to unveil "something special" on Monday in New York as she tries to attract more traffic and advertising to the Internet company.

The Sunnyvale, California, company gave no further details Friday other than that Mayer will be discussing a product. Reporters are being invited to attend the 5 p.m. event at a lounge located in New York's Times Square.

Mayer has been emphasising the need for better mobile applications and more video since she became Yahoo's CEO 10 months ago after helping to build Google into the Internet's most powerful company during a 13-year career working there.

The invitations to Monday's event were sent out amid speculation that Yahoo might form a partnership or buy a stake in Tumblr, a content-sharing service that has become a popular application for mobile devices.

The Tumblr talk was spurred by a post on the technology site All Things D, which reported Mayer has been in discussions about a possible deal with Tumblr CEO David Karp, who started the service in 2007.

Citing anonymous sources close to the situation, All Things said Yahoo might even buy Tumblr for as much as $1 billion.

Tumblr is based in New York, about two miles from where Mayer is making her announcement.

Yahoo Inc. has won over investors under Mayer, even though the company's revenue is still barely growing even as advertisers are spending more money on the Internet.

Yahoo's stock price has risen 69 percent under Mayer's leadership.

Yahoo's stock closed down 6 cents at $26.52 on Friday.

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