Yahoo rakes in profits

Yahoo's quarterly profits shot up by more than double to $163 million even as it prepares for a takeover by Verizon.

The faded internet pioneer skipped its usual quarterly earnings call with analysts due to the pending takeover by the US telecommunication company, for which chief executive Marissa Mayer said Yahoo is busy preparing despite recent revelations about a major data breach that may affect the deal.

"We launched several new products and showed solid financial performance across the board," she said in an earnings release, which beat expectations despite only a slight rise in revenue.