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The company reported net losses of over USD45 million or USD.09 per share diluted for the second quarter ending 30 June 2001. The results have caused mixed media reaction in so far as they beat analysts' expectations by at least USD.01, but the Wall Street Journal has described the losses for the company as "hefty," and that it does not expect conditions to improve in the next year.
Net revenues totaled USD182 million, compared to net revenues of almost USD273 million for the second quarter of 2000. Pro-forma net income for the quarter was USD8.7 million or USD0.01 per share diluted. This compares to pro-forma net income of USD69 million or USD0.11 per share diluted for the comparable period in 2000.
The results announced by Yahoo on Wednesday, in conjunction with the Q2 results announced by Motorola and a positive announcement from Microsoft, drove the NASDAQ up 0.47 percent, or 9.25 points, to finish at 1972.04 with a number of tech stocks rising on the news. Additionally, in early trading across Europe tech stocks opened on the rise in most markets, generally led by technology shares.
Although Motorola posted a second consecutive Q2 loss of USD759 million, or USD0.35 cents a share, compared with net income of USD204 million, or USD0.09 a share, in the year-earlier period, results still came in at least USD0.01 per share above expectations.
Microsoft said it would allow PC makers to remove access to Microsoft's Internet browser, ending its plan to limit existing on-line links to competitors. Separately the company also announced that revenue for its fiscal fourth quarter would come in above Wall Street's expectations.
"There is no single event that will transform this company," Terry Semel, chairman and chief executive officer of Yahoo said. "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."
Yahoo closed at USD17.03 in New York on Tuesday, down 4.49 percent.
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