Yahoo Drops After Second-Quarter Sales Miss Estimates
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Yahoo! Inc. slid the most in almost a year in Nasdaq trading after reporting second-quarter sales that missed analysts’ estimates, dragged down by a decline in online-search ad revenue.
Sales of $1.13 billion, excluding revenue passed on to partner sites, fell short of the $1.16 billion average of projections compiled by Bloomberg. Search-based advertising declined 8 percent, while display advertising, including banner ads, rose 19 percent, Yahoo said yesterday in a statement.