Yahoo! announces bad financial results and looks for a new CEO

Yahoo! warned on Wednesday that its first quarter financial results will fall short of Wall Street expectations due to lower advertising spending by customers amid economic uncertainty. Yahoo also said and that it has begun a search for a new chief executive to replace Tim Koogle, who will remain the Internet media company's chairman.

Koogle declared that "all businesses in the United States are facing challenging economic conditions that have weakened further in recent weeks, and as consumer confidence and spending has deteriorated, a broad range of customers have delayed their spending across all media formats until their economic outlook improves".

The company made the announcement late in the afternoon following broad speculation on the Street as its shares were halted on Nasdaq.

More information: Yahoo! Full Coverage

Datum: 08/03/2001

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