Tuesday January 27, 09:59 PM
Yahoo! loses money as revenues slip in final months of 2008
SAN FRANCISCO (AFP) - Yahoo (NASDAQ: YHOO - news) ! on Tuesday reported that it lost 303 million dollars in the final quarter of 2008 as revenue slipped from the same quarter a year earlier.
The loss comes as freshly-appointed chief executive Carol Bartz tries to trim expenses, focus resources and right the California Internet pioneer's listing financial ship.
"Despite the challenging economic environment, Yahoo! delivered adjusted operating cash flow above the midpoint of guidance for the fourth quarter," said Bartz.
"We have work to do, but I am excited by Yahoo!'s opportunities, and encouraged by the tremendous innovation and momentum I've seen since joining the company."
Yahoo! lost 22 cents per share in the quarter ended in December, compared to making profits of 206 million dollars, or 15 cents per share, during the same three months a year earlier.
Wall Street analysts had expected Yahoo! to report making 13 cents a share on revenue of 1.37 billion dollars. Revenue for the quarter dropped two percent year-over-year to 1.38 billion dollars.
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