Feeds

Yahoo! victim! of! real! world! economics!

No! hiding! place! in! dotcom! la-la! land!

  • alert
  • submit to reddit

High performance access to file storage

Yahoo! is feeling the heat from a cooling US economy after it again revised downwards its revenue forecasts for Q1.

The news followed a turbulent day for the yodelling dotcom that saw its plummeting shares suspended amid speculation about the future of the company.

Despite what some commentators thought, Yahoo! didn't announce that it was to be acquired.

Instead, it now expects first quarter 2001 revenues to come in between $170 million to $180 million - a substantial cut on earlier forecasts.

In January, Yahoo! said it expected Q1 revenues of about $220 million to $240 million - less than analyst estimates of more than $300 million.

Yahoo! also announced that Tim Koogle would step down as CEO although he would remain as chairman of the company.

Explaining Yahoo!'s actions, Koogle said: "All businesses in the United States are facing challenging economic conditions that have weakened further in recent weeks, and as consumer confidence and spending has deteriorated, a broad range of customers have delayed their spending across all media formats until their economic outlook improves.

"As a result, we expect revenues and profits to be reduced most significantly in the marketing services area of our business in the first quarter.

"We remain confident that Yahoo!'s strong set of core assets will enable us to manage and execute through this short-term environment and emerge from it even stronger in the long-term," he said.

Anyone interested in the CEO's position should get in contact with recruitment outfit Spencer Stuart & Associates (spencerstuart.com).

Related Stories

Yahoo! shares! suspended!
Yahoo! slashes forecasts

Top three mobile application threats

More from The Register

next story
Dropbox defends fantastically badly timed Condoleezza Rice appointment
'Nothing is going to change with Dr. Rice's appointment,' file sharer promises
Audio fans, prepare yourself for the Second Coming ... of Blu-ray
High Fidelity Pure Audio – is this what your ears have been waiting for?
Record labels sue Pandora over vintage song royalties
Companies want payout on recordings made before 1972
Zucker punched: Google gobbles Facebook-wooed Titan Aerospace
Up, up and away in my beautiful balloon flying broadband-bot
Ex–Apple CEO John Sculley: Ousting Steve Jobs 'was a mistake'
Twenty-nine years later, post-Pepsi exec has flat-forehead moment
Apple DOMINATES the Valley, rakes in more profit than Google, HP, Intel, Cisco COMBINED
Cook & Co. also pay more taxes than those four worthies PLUS eBay and Oracle
Number crunching suggests Yahoo! US is worth less than nothing
China and Japan holdings worth more than entire company
prev story

Whitepapers

SANS - Survey on application security programs
In this whitepaper learn about the state of application security programs and practices of 488 surveyed respondents, and discover how mature and effective these programs are.
Combat fraud and increase customer satisfaction
Based on their experience using HP ArcSight Enterprise Security Manager for IT security operations, Finansbank moved to HP ArcSight ESM for fraud management.
The benefits of software based PBX
Why you should break free from your proprietary PBX and how to leverage your existing server hardware.
Top three mobile application threats
Learn about three of the top mobile application security threats facing businesses today and recommendations on how to mitigate the risk.
3 Big data security analytics techniques
Applying these Big Data security analytics techniques can help you make your business safer by detecting attacks early, before significant damage is done.