Yahoo Warns on Earnings, CEO to Step Down
PALO ALTO, Calif. (Reuters) - Internet media company Yahoo (YHOO.O) Wednesday warned that 2001 earnings would probably fall well below already reduced estimates, and it said its longtime Chief Executive Tim Koogle would step down from that post. The company, which had sharply scaled back earnings guidance as recently as January, said Wednesday that economic conditions had deteriorated rapidly since the start of the year, with dot-com advertising evaporating faster than expected and traditional businesses remaining slow to commit large amounts to the Internet.
PALO ALTO, Calif. (Reuters) - Internet media company Yahoo (YHOO.O) Wednesday warned that 2001 earnings would probably fall well below already reduced estimates, and it said its longtime Chief Executive Tim Koogle would step down from that post. The company, which had sharply scaled back earnings guidance as recently as January, said Wednesday that economic conditions had deteriorated rapidly since the start of the year, with dot-com advertising evaporating faster than expected and traditional businesses remaining slow to commit large amounts to the Internet.
