Yahoo sees 3rd-qtr revs at bottom half of forecast
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Yahoo Inc. YHOO.O said on Tuesday   the company expects third-quarter revenues to be at the bottom   half of its forecast range due to weakness from its two biggest   advertising segments, sending its shares down as much as 13   percent.
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Plus: Matsushita profit up 22 percent...Amazon's profit up, margins squeezed...SAP cautious on 2008...Yahoo profit falls.
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The new forecast will reflect the drag from the housing slump and a slightly lower-than-expected unemployment rate.
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NEW YORK/SAN FRANCISCO  - Yahoo Inc.  and AT&T Inc.  are negotiating potentially sweeping changes that could scale back their partnership, the Wall Street Journal reported, dragging Yahoo shares down 5.2 percent.
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New York Times Co. NYT.N on Monday  forecast third-quarter and full-year earnings below Wall  Street's average estimates, citing lower-than-expected revenue  so far in September.
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U.S. stock futures pointed to a lower  open on Thursday, weighed down by disappointing earnings from  online auctioneer eBay Inc. EBAY.O and a soft outlook from  wireless technology company Qualcomm Inc. QCOM.O late in the  previous session.
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(InfoWorld) - Yahoo's net income fell year-over-year in a quarter that sawÂ Yahoo leadership change handsÂ amid criticism that the company failed to capitalize on the explosive growth of the search-engine advertising market. Yahoo also lowered guidance for the third quarter and for 2007 as it reported financial results Tuesday. Revenue excluding traffic acquisition costs for Yahoo's second quarter ended June 30 were $1.244 billion, slightly higher than the $1.242 billion Thomson First Call analysts had estimated. Net income for the quarter was $161 million or $0.11 per share, in line with analyst estimates and slightly lower than the $164 million or $0.11 per share for the same period in 2006. Operating income for the second quarter of 2007 was $185 million, a 19 percent decrease compared to $230 million for the same period of 2006. Cash flow from operating activities for the second quarter of 2007 was $406 million, a 6 percent decrease compared to $430 million for the same period of 2006. Tuesday marks the first time co-founder Jerry Yang faces investors for an earnings period since taking over the CEO position on June 18, when former CEO Terry Semel stepped down. The new CEO is in the position of convincing Wall Street he has what it takes to improve performance at Yahoo, and he took an aggressive stance in a press statement ahead of the company's quarterly conference call. "I am focused on doing everything we need to do to strengthen our business, capture long-term growth opportunities, and create increased value for our shareholders," Yang said, according to the statement. "By sharpening our focus, speeding execution, building our technology and talent, and investing in key growth areas, we can put Yahoo on a clear path to fulfill its potential as an Internet leader." Yahoo also offered new, lowered guidance for its third quarter and year-end results. Wall Street expected $1.304 billion in revenue for the third quarter, but Yahoo said Tuesday that revenue would be in the range of $1.17 billion to 1.31 billion. Third-quarter EBITDA (earnings before interest, taxes, depreciation and amortization) are now expected to be in the range of $380 million to $450 million rather than the $521 million Wall Street is currently expecting. For 2007, Yahoo is now expecting revenue of $4.89 billion to $5.19 billion rather than Wall Street's current guidance of $5.199 billion. EBITDA for 2007 is expected to be in the range of $1.775 billion to $1.955 billion rather than the current guidance of $2.063 billion, according to Yahoo. On a conference call Tuesday, Yang acknowledged he is doing a "top-to-bottom review" of Yahoo's business. "There isÂ a significant gap between where we are and where we need to be," he said, adding that it is with a "great sense of urgency" that he plans to evaluate Yahoo's business so the company can improve financial results quickly. Some areas on which Yahoo will put more emphasis are display advertising, its publisher network, and its online partnerships through its newspaper consortium, said Yahoo President Susan Decker, who was promoted to her current position when Yang took over as CEO. Previously, she was executive vice president and head of the Advertiser and Publisher Group. Yang named cultivating a new employee culture of "teamwork, leadership, and the desire to win" as a key objective in the near term. That initiative would include more hiring and changes in the executive ranks, he said. Another aim is to speed up Yahoo's plan to trim fat and focus on core businesses such as online advertising, as well as to help its customers and advertisers build upon Yahoo's Web-based services platform. The company also has to make decisions faster, executives said. This story was updated on July 17, 2007
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A rumor brought to light this morning by notorious financial insider and blogger Henry Blodget may this time be true, as Yahoo's response appears to warn of bad news ahead in its next restructuring move.
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U.S. stock futures pointed to a flat market opening on Wednesday, with Yahoo Inc.  likely to rise after it announced a reorganization of its management structure.
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EarthLink Inc. on Thursday posted a higher third-quarter profit, helped by subscriber growth, but it forecast revenue below analysts' consensus target for the current quarter, which dragged down shares 9 percent.
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NEW YORK/SAN FRANCISCO  - Yahoo Inc.  and  AT&T Inc.  are negotiating potentially sweeping changes  that could scale back their partnership, the Wall Street  Journal reported, dragging Yahoo shares down 5.3 percent.
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NEW YORK - Third-quarter earnings are meeting Wall Street&#39;s expectations, but the lack of company forecasts on future earnings - or disappointing outlooks in many cases - is starting to have investors worried.
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United Parcel Service Inc.  on Tuesday provided a full-year outlook for 2007 below analysts' forecasts, citing a slowing U.S. economy, and its shares fell 3 percent.
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Plus: Gateway trims loss in third quarter...EDS delays earnings...Amazon outlook disappoints...PeopleSoft exceeds targets.
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Yahoo Inc has been  slow to react to sweeping changes in Web consumer behavior and  online advertising shifts, but it is picking up its pace, its  top executives said on Tuesday.
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SAN FRANCISCO -- Yahoo Inc. warned yesterday that slowing ad growth will depress its third-quarter results, marking the Internet powerhouse's latest letdown.
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(InfoWorld) - A slowing U.S. economy may already be impacting Yahoo's Web advertising sales growth, the head of the company said Tuesday, a trend that does not bode well for other ad-supported Internet sites. "We're seeing some slowing in perhaps two of the largest sectors, both autos and financial services," said Terry Semel, chairman and chief executive officer of Yahoo, in response to questions at a Goldman Sachs conference. Advertising sales from both sectors have slowed down during the past three to four weeks, although both remain on a growth track. "They're growing, but they're not growing as quickly as we would have hoped at this moment in time," said Semel. The comments sparked a sell-off in Yahoo shares, which plunged 11.2 percent, or $3.25, to close at $25.75 each during normal trading hours. Other Internet stocks suffered from the comments, with Google shares falling 2.6 percent to $403.81, and eBay stock ending 3.3 percent lower to finish the day at $25.95. Yahoo loweredÂ its third quarter outlook to the lower end of its guidance. The company had forecast revenue, excluding commissions, to be in the range of $1.12 billion to $1.23 billion this quarter. A slowdown in advertising growth on the Internet could hurt the development of new Web sites in the near term, since so much content depends on advertising sales to support operations. But Yahoo was careful to note that it cannot tell whether the current slowdown is a sign of broader trouble or is limited to ads from the auto and financial sectors. The company also noted that while the weakness in advertising showed up in some of the most economically sensitive categories, it's not necessarily a sign of a slowing U.S. economy. "It's too early to tell if this is a sign of anything broader," said Susan Decker, head of finance at Yahoo, who attended the conference with Semel. An audio Web cast of comments by the two Yahoo executives can beÂ accessed here.