By Alexei Oreskovic
SAN FRANCISCO (Reuters) - Yahoo Inc said it has to sell fewer Alibaba Group shares than previously expected in the Chinese e-commerce company's market debut, helping to offset the U.S. company's worse-than-expected results on Tuesday.
Shares of Yahoo rose 10 cents to $35.75 in after-hours trading.
Yahoo said Alibaba has agreed to its request to reduce the maximum number of shares it sells in the Chinese company's upcoming initial public offering from 208 million to 140 million.
Yahoo, which owns a roughly 24 percent stake in Alibaba, which is expected to list its shares on the New York Stock Exchange later this year in what could be the largest ever U.S. technology IPO. Yahoo's net revenue, which excludes fees paid to partner websites, decreased 3 percent year-on-year to $1.04 billion in the three months ended June 30. Analysts polled by Thomson Reuters I/B/E/S were looking for net revenue of $1.084 billion.
Revenue in Yahoo's display advertising business fell 8 percent to $436 million in the second quarter. The average price per ad decreased 24 percent, while the number of display ads sold increased 24 percent.
(Reporting by Alexei Oreskovic; Editing by Richard Chang)
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