Yahoo reports declining ad revenue

Yahoo has reported a decline in ad revenue in the second quarter of 2013.

These results follow the search engine’s string of activity, including the acquisition of Tumblr.

However, profits have risen by 46 per cent from the same time last year. The rise was largely due to the company's investment in Chinese ecommerce site Alibaba.

During a webcast to discuss the company's earnings Yahoo’s chief executive, Marissa Mayer, ignored the company's financial woes and said: 'We reached a pace of launching a new product almost every week.

'As you can tell, we've been busy.'