Yahoo! Q2 Results Confound Analysts

12 July 2001

Yahoo! yesterday unveiled its second quarter results –better than most analysts’ forecasts but still dire by any yardstick.

Inclusive of $45 million in restructuring and acquisition-related charges, Yahoo’s actual net loss was $48 million, or nine cents per diluted share. This compares with actual net income of $53 million or 9 cents per diluted share for 2000.

As part of an effort to claw its way back to profitability, Yahoo! also announced four new senior appointments.

Former chairman of British wireless services business Xtempus Mark Opzoomer becomes regional vice president and managing director of Yahoo! Europe; and taking charge of Yahoo’s North Asia operations as vice president and managing director is chairman/ceo, Allan Kwan.

S I Lee, former executive vice president of marketing at Asia Online, take over as chief executive of Yahoo! Korea; while John Glascott becomes regional vice president Yahoo! Eastern division, from iVillage where he was senior vice president of sponsorships.

News source: Advertising Age - Interactive Daily