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Yahoo's Q2 Profits Down 18 Percent

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Jul 22, 2008 2:04 pm US/Pacific

Yahoo's Q2 Profits Down 18 Percent

SUNNYVALE (AP) ― Yahoo says its second-quarter profit dropped 18 percent. It marks the latest in a long stretch of disappointing results for the Internet company.

   Yahoo earned $131 million, or 9 cents per share, in the three months ended in June, compared with $161 million, or 11 cents per share, at the same time last year.

   Analysts had projected earnings of 11 cents per share, according to Thomson Financial.

   The disappointing performance announced Tuesday intensifies the pressure on Yahoo's management to find a way to lift the Internet company's sagging stock price after rebuffing a $47.5 billion takeover offer from Microsoft in May.

(© 2009 The Associated Press. All Rights Reserved. This material may not be published, broadcast, rewritten, or redistributed.)

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