Yahoo acquires Stamped, will sunset its mobile recommendations app
Yahoo has purchased mobile recommendations app developer Stamped for an undisclosed sum. The acquisition is Yahoo's first since former Google (NASDAQ:GOOG) executive Marissa Mayer was named Yahoo president and CEO in July.
Backed by celebrity investors including Ryan Seacrest and Justin Bieber, the Stamped platform enables users to "stamp" everything from favorite songs to restaurants, sharing their recommendations with other consumers. Much of the firm's executive team, including co-founder and CEO Robby Stein, worked at Google during Mayer's tenure with the search giant.
Yahoo will discontinue Stamped by the end of 2012. Users can export their stamps and other data here. "The Stamped team will be creating a brand new product and engineering office for Yahoo in NYC's Bryant Park," Stamped said on its blog. "After everything we learned from building Stamped, we're excited to start work again on something big, mobile, and new--but we can't discuss the details just yet."
During her first earnings call at Yahoo's helm, Mayer admitted Monday that the company has failed to exploit opportunities in the mobile segment, pledging dramatic changes moving forward. Calling a more focused and coherent mobile strategy Yahoo's "top priority," Mayer said the company will focus on building a "strong technical talent base for mobile" that will include engineers, product managers and designers. In the "near future," she said, "Yahoo will have to be a predominantly mobile company, which means that at least half of our technical workforce should be working on mobile."
Yahoo reported third quarter earnings of $3.16 billion, up from $293 million in the year-ago quarter--the spike was attributed to the $2.8 billion sale of Yahoo's stake in Chinese Internet giant Alibaba. Revenue slipped 1 percent to $1.202 billion from $1.217 billion a year ago; search revenue increased 1 percent to $473 million, and display revenue also rose 1 percent to $506 million.
- read this Stamped blog entry
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