Alibaba Group Holding Ltd. agreed to reduce the number of shares that Yahoo Inc., one of its biggest stakeholders, is required to sell in the Chinese e-commerce company’s initial public offering, The New York Times reports.
Initially, Alibaba said Yahoo must sell 208 million shares, but on Tuesday, it cut that number to 140 million. The announcement came on the same day that Yahoo released disappointing second quarter earnings, helping to offset the bad news. Chief Executive Officer Marissa Mayer described Yahoo’s second-quarter revenue as its worst since she took over the company in July 2012, according to The New York Times.
