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Yahoo! Disappointing Q4
January 19. 2004
"Yahoo Inc. (YHOO) shares
fell over 4% after its fourth-quarter results, while in line with estimates,
failed to satisfy Wall Street's heightened expectations.
"Clearly, they didn't release a blowout quarter,"
said First Albany Capital analyst Youssef Squali. "Some may see that
as somewhat disappointing."
The Sunnyvale, Calif., company earned 11 cents a share
in the fourth quarter, 3 cents ahead of year-earlier results and in-line
with the consensus estimate. Revenue excluding traffic-acquisition costs
came in at $511.3 million, slightly higher than Wall Street estimates.
Yahoo historically exceeds earnings expectations, and
revenue typically beats estimates by a wider margin, Squali said.
Adding to the selling pressure is the need to money
off the table after an impressive run ahead of the earnings report, the
analyst said. Yahoo's stock has risen nearly 24% since mid-December, and
hit a 52-week high Tuesday."