Yahoo! Inc., owner of the most- visited U.S. Web site, said second-quarter profit fell 2.3 percent as Google Inc. extended its lead in Internet search queries and new rivals took sales in display advertising.
The shares declined after Yahoo said net income dropped to $160.6 million, or 11 cents a share, from $164.3 million, or 11 cents, a year earlier. Sales, excluding revenue passed on to partner sites, rose 11 percent to $1.24 billion, the Sunnyvale, California-based company said today in a statement.
Yahoo forecast revenue for the rest of the year that trailed most analysts' estimates. The company's diminishing share of the search market has contributed to six straight quarters of declining profit and the slowest sales growth since 2001.
Source: Bloomberg
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