Yahoo! Inc. (NASDAQ:YHOO) is hosting its first ever mobile developers conference, an event that Mark Mahaney of RBC Capital Markets says the company needs to ace.
In an interview with CNBC, Mahaney said that Yahoo! Inc. (NASDAQ:YHOO) is hosting this event to evolve with the times.
“[If] you’re one of the leading internet assets out there, you have to have a good mobile strategy. That’s why Yahoo needs to host a mobile developer conference. It has to show that it has mobile chops, not only for consumers and advertisers, but also for developers,” Mahaney said.
According to Josh Lipton who is at the event floor in San Francisco, Yahoo! Inc. (NASDAQ:YHOO) and CEO, Marissa Mayer, may be seeing the fruits of their labor when it comes to the company’s mobile push. He said that the internet company saw their mobile revenue jump 23% in the fourth quarter of 2014.
However, when taken into context, the numbers generated by the company from mobile is still dwarfed by numbers put out by its peers.
“Still, Yahoo has a way to go before it is thought of here as a true mobile ad leader. This year, Yahoo’s mobile ad revenues will account for just 4% of the overall market. You compare that to 35% for Google [and] 17% for Facebook,” he said.
Yahoo! Inc. (NASDAQ:YHOO)’s stock has struggled because of stiff competition, Lipton noted. Nonetheless, he added that the stock has been up about 15% in the past year.
Yahoo! Inc. (NASDAQ:YHOO) shareholders includes James Dinan’s York Capital which owned about 9.4 million shares by the end of 2014. The institutional investor just bought that stake during the fourth quarter.
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