Yahoo buys iPhone video-maker app

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Yahoo buys iPhone video-maker app

Takes over Qwiki.

Yahoo has announced it will buy Qwiki, a mobile application for creating videos in Apple's iPhone, as it tries to increase its presence in the world of smartphones and tablets.

The company reportedly paid about US$50 million for the deal. Terms were not disclosed.

This is Yahoo's third acquisition since May when it bought blogging service Tumblr for US$1.1 billion in cash. Earlier this week, the company reportedly acquired Bignoggins Productions, another mobile app developer.

Yahoo has seen its revenue shrink in recent years in the face of competition from Google and Facebook, but since CEO Marissa Mayer took charge in 2012 she has tried to turn the tide through a string of acquisitions.

Qwiki's app would continue to be supported by Yahoo and its employees would move to Yahoo's New York offices.

Yahoo shares closed at US$24.99 on the Nasdaq.

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