Yahoo! released a disappointing 3rd quarter financial report Tuesday. According to the report, Yahoo!’s total revenues rose 19% over the same period last year but it’s net income dropped by almost $95 million.
Yahoo! Chief Terry Semel expressed his concern over a 37% drop in Yahoo!’s 3rd quarter profits bluntly stating, “I am not satisfied with our third quarter financial performance.”
Semel’s comments came as part of a speech he delivered at the start of an open conference call with financial analysts and media. Blaming an overall slowing in online corporate advertising, Semel notes that a few of Yahoo!’s largest clients had redirected or limited their ad spending, “… because of their own business issues.”
Some of those issues might stem from corporate testing of new and improved opportunities offered by social networking sites MySpace, YouTube and Facebook, using ad-budgets that would otherwise be directed to Yahoo!. “The market is going through a significant transition with new forms of inventory becoming available from a range of new and established competitors,” Semel said.























