Yahoo profit slips further
- Added:
- Jul 23, 2008
Yahoo’s profits have missed forecasts as the embattled online media firm struggles to make a success out of its online advertising revenues.
The April-June period marks the ninth time in the past 10 quarters that Yahoo's profit has slipped from the previous year.
The company earned $131 million, representing an 18 percent drop from $161 million last year.
Yahoo's financial erosion has dragged down its stock, leaving it exposed to Microsoft's unsolicited takeover bid and igniting shareholder protests like the one that Icahn had been waging until Yang negotiated a truce Monday.
With Microsoft's $47.5 billion takeover bid off the table and his company's stock price down 20 percent during his 13-month reign.
Yahoo has spent months embroiled in a bid battle with Microsoft and dissident shareholder Carl Icahn.
As of Tuesday, Yahoo's market value was about $18 billion below the $47.5 billion Microsoft CEO Steve Ballmer offered in early May. Ballmer withdrew the $33-per-share bid after Yang sought $37 a share, or more than $52 billion.
