Dallas, Texas 07/05/2013 (Financialstrend) – Yahoo! Inc. (NASDAQ:YHOO) shares are currently trading at $25.64, up by 0.20%. The intra-day range of the stock is $25.52 – 26.26. The market capitalization of the company is $28.59 billion.
Yahoo! Inc., a digital media company, announced its plans to buy Qwiki, Inc., a mobile app, so as to create videos on the iPhone. Yahoo! is trying to increase the presence of iPhones in the world of tablets and smart phones. According to sources from AllThingsD,a tech blog, the company paid about 50 million dollars for the deal.
TheQwiki iPhone app allows users to automatically turn pictures and videos from events they have captured on their iPhones into brief, beautiful movies to share. The app picks the best moments and pacing and then adds transitions and a soundtrack.
This is the third acquisition of Yahoo since May, when it bought Tumblr, the blogging service, for $1.1 billion in cash. Earlier this week, the company also acquired Bignoggins Productions, another mobile app developer.
In the face of competition from Facebook and Google in recent years, the company has experienced a decline in revenue, but since the Chief Executive Officer of the company, MarissaMayer took charge in 2012, she has made the company a serious acquirer. Under her tenure, Yahoo! has also made a number of small acquisitions of mobile start ups and apps such as Astrid, GoPollGo, Loki Studios, MileWise and Summly.
The company recently acquired GhostBird Software, a photography apps developer, as well as PlayerScale, a start-up that provides tools for games on personal computers, tablets or smart phones.
The Qwiki app will continue to be supported by the company. The employees of Yahoo! will move to the New York offices. This statement was made by Yahoo! in a blog post.