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Terry Semel - Yahoo!'s new chairman and CEO - is one heck of an optimist.

Announcing a $90 million Q2 fall in revenue compared to last year, he couldn't help but look on the bright side.

Said Semel: "After two months of being at Yahoo! and delving into the business, I believe more than ever that Yahoo! has an incredibly strong foundation upon which to build.

"There is a huge financial and strategic opportunity represented by our enormous base of consumers," he said.

Yesterday, Yahoo! reported net revenues of $182 million for the second quarter ended June 30, 2001, compared to net revenues of $273 million for the corresponding quarter in 2000.

Pro-forma net income for the quarter fell sharply from $69 million in Q2 2000 to $8.7 million in Q2 2001.

Net loss for the second quarter - which included $45.5 million of restructuring and acquisition-related charges - was $48.5 million, compared to net income of $53.3 million in the comparable period last year.

Said Semel: "There is no single event that will transform this company. Rather, it will be a series of events starting this quarter that will demonstrate Yahoo!'s momentum and progress.

"In order to strengthen and grow the business, we will pursue partnerships and joint ventures with major corporations, make acquisitions, and continue to innovate and develop new services," he said.

In a separate statement, it was announced that Mark Opzoomer has been appointed MD and regional VP of Yahoo! Europe. The former chairman of wireless services business, Xtempus Limited, will take up his new position in September. ®

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