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| Yahoo makes a loss as sales slip | Yahoo makes a loss as sales slip |
| (20 minutes later) | |
| Yahoo has reported a loss in the final three months of 2008 as the economic downturn hit sales of online ads. | Yahoo has reported a loss in the final three months of 2008 as the economic downturn hit sales of online ads. |
| Its figures showed a loss of $303.4m (£215m) compared with a profit of $205.7m a year earlier. Revenue declined for the first time since 2001. | |
| The loss comes as Carol Bartz takes over from Jerry Yang as the firm's new chief executive. | The loss comes as Carol Bartz takes over from Jerry Yang as the firm's new chief executive. |
| Mr Yang stepped down following the rejection of a $47.5bn takeover offer from Microsoft last year. | Mr Yang stepped down following the rejection of a $47.5bn takeover offer from Microsoft last year. |
| "The company made important investments while aggressively managing costs, leaving us better positioned to weather the economic downturn and emerge stronger when advertiser spending improves," said Ms Bartz. | |
| YAHOO FACTS Founded in 1995, is based in Sunnyvale, California, Is the world's second most popular internet search engine - but trails far behind market leader GoogleCurrently employs about 15,000 staff Carol Bartz: 'the safe pick'See Yahoo shares over past year | |
| Revenue fell 1% to $1.806bn. | |
| Analysts said the fourth-quarter results were not too big a setback for the firm as the loss stemmed from one-off charges to cover the cost of laying off 1,500 employees and to account for bad investments. | |
| However, close rival Google saw revenue rise by 18% in the same period. | |
| "To a certain extent, [the fourth quarter] was not as bad as some of the dire cases we were talking about," said Martin Pyykkonen, an analyst at Wunderlich Securities. | |
| For 2008 as a whole, Yahoo made a net profit of $424m compared with $660m in 2007. |