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(Reuters) - Apple Inc posted a far better-than-expected 29.5 percent jump in quarterly revenue, driven by record sales of iPhone 6 and 6 Plus smartphones in the holiday shopping season. The company sold 74.5 million iPhones in its first quarter ended Dec. 27. Revenue rose to $74.6 billion from $57.6 billion a year earlier. ] Analysts on average had expected revenue of $67.69 billion, according to Thomson Reuters I/B/E/S. (Reporting by Supantha Mukherjee in Bengaluru; Editing by Ted Kerr)
Yahoo announced plans Tuesday for a tax-free spinoff of its stake in Chinese Internet giant Alibaba, splitting off the valuable holdings from its core operations. The move aims to deliver more cash for shareholders than an outright sale of the stake, which could be hit with a hefty tax bill. Yahoo said its board had authorized the move to split off its remaining holdings in Alibaba into a newly formed independent investment company called SpinCo, shares of which would be distributed to Yahoo shareholders. Yahoo's current market value is $45 billion, of which $40 billion is in Alibaba shares.