Yahoo buys iOS video app Qwiki for $50 million: report
Yahoo Inc said that it will buy Qwiki Inc, a mobile app for creating videos in Apple Inc's iPhone, as it tries to increase its presence in the world of smartphones and tablets.
Yahoo Inc said that it will buy Qwiki Inc, a mobile app for creating videos in Apple Inc's iPhone, as it tries to increase its presence in the world of smartphones and tablets.
The company paid about $50 million for the deal, tech blog AllThingsD cited sources as saying. Terms of the deal however were not disclosed.
This is Yahoo's third acquisition since May when it bought blogging service Tumblr for $1.1 billion in cash. Earlier this week, the company reportedly acquired Bignoggins Productions, another mobile app developer.
[caption id="attachment_924241" align="alignleft" width="380"]
Yahoo logo is seen in this file photo. AFP[/caption]
Yahoo has seen its revenue shrink in recent years in the face of competition from Google Inc and Facebook Inc, but since she took charge in 2012 CEO Marissa Mayer has tried to turn the tide through a string of acquisitions.
More from News AnalysisQwiki's app would continue to be supported by Yahoo and its employees would move to Yahoo's New York offices.
Yahoo shares closed at $24.99 on Tuesday on the Nasdaq.
Reuters
Why AI notetakers are raising serious privacy and security concerns
China's low-cost AI models are changing the global AI race. Here's why Silicon Valley is worried
China's Kimi K3 challenges US AI leaders with frontier-level performance at lower cost
How did Instagram run ads promoting child abuse in India?
Why has India halted WhatsApp’s username feature before launch?