Yahoo! stocks hit eight-year high

<p>Yahoo! stocks shot up on Wall Street yesterday.</p>

The share price of Yahoo! rocketed yesterday (July 17th) on Wall Street on the back of growing sales at retailer Alibaba.

Its stocks were up to ten per cent higher over the course of trading and hit a new eight-year high during the day's session.

Alibaba, which is one of the biggest companies in China, announced that it recorded a 71 per cent jump in quarterly sales to $1.4 billion (£920 million).

The online retailer now employs 24,000 staff and has 25 businesses, with stocks expected to be floated for the firm later in the year.

Yahoo!'s overall performance – which included a 13 per cent fall in advertising revenue – was eclipsed by the release of the positive data for Alibaba, which was founded in 1999.

Some measures now place it as the world's largest internet retailer, ahead of giants such as eBay and Amazon.

Yahoo! appointed a new chief executive earlier in the year, with Marissa Meyer already helping to turn around the firm's fortunes.

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