Yahoo profit disappoints
YAHOO posted nearly flat second quarter revenue yesterday after taking a hit from the fall off in web advertising spend.
Yahoo said its revenue in the three months ended 30 June was $1.6bn (£1.05bn), compared with $1.57bn in the same quarter last year disappointing the market which expected it to do better.
The company said that it had experienced customer weakness across its US based display advertisers last month and that some orders had been pushed as far back as July.
However, Yahoo’s chief executive Carol Bartz said during the first three weeks in July, the group was starting to see a return in display ad spending.
Meanwhile, Yahoo’s net revenue, which excludes what it shares with other internet partners, was $1.13bn, below analyst expectations of $1.16bn. The group’s US shares fell seven per cent on the news.