By Daniel Hunter

Yahoo has reported profits of $6.8bn (£4.2bn) for the July-September, boosted by earnings from selling part of its stake in Chinese internet giant Alibaba.

The US technology giant was forced to sell part of its stake in Alibaba ahead of its floatation on the Chinese stock market. Yahoo earned $6.3bn from the sale.

Advertising revenues were down 5%, but there was an overall 1% rise in revenues to $1.15bn compared to the same period last year.

In a statement, Yahoo chief executive, Marissa Mayer "We have invested deeply in mobile and we are seeing those investments pay off.

"Not only are our mobile products attracting praise and engagement from users and industry awards, they are generating meaningful revenue for Yahoo."

Alibaba has provided a steady stream of revenue for Yahoo in recent years. And Ms Mayer is under pressure from investors to demonstrate that Yahoo is able to grow without its stake in the Chinese internet giant.

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