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Business News Sourced Wired

Troubled’ Yahoo’s profits slip in wake of restructuring

Washington, July 18 (ANI): Embattled Internet company Yahoo saw its profits slip in the wake of the firm’s restructuring, which saw it pass through three chief executives, according to a report.

Yahoo said second quarter profits have dipped four percent to 226.6 million dollars after a turbulent year.

The firm recently appointed Marissa Mayer of Google as its new chief executive, its third new boss in a year, the BBC reports.

She replaced Scott Thompson, who resigned in May after less than six months over a row about his academic credentials.

He, himself, had replaced Carol Bartz, who was ousted in September after failing to revitalize Yahoo.

According to the report, Yahoo’s revenues were flat at 1.08 billion dollars, below most analysts’ forecasts.

The firms’ share of US online advertising revenues was 15.7 percent in 2009, but fell to just 9.5 percent last year, the report said. (ANI)