Yahoo writes down value of Tumblr

During Yahoo's latest quarter, the company wrote down the value of Tumblr, which it acquired three years ago for $1.1 billion.

It already wrote down its value by $230 million earlier this year. During the quarter, Yahoo took a noncash goodwill impairment charge of $395 million and a noncash intangibles impairment charge of $87 million for "a combination of factors, including decreases in our projected Tumblr operating results and estimated future cash flows," the company said.

During a conference call with analysts, CEO Marissa Mayer said there was no update on Yahoo's auction of its core internet assets.

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