Yahoo! Reports Lowered Earnings For Q3 2006

It’s hard to believe that it’s earning season again and it’s time to count the numbers. Yahoo! was the first of the major search companies to release their earnings for Q3 2006 and the numbers were “disappointing.”

Terry Schemel, Yahoo’s chairman, reported a 38% drop in Q3 profits and dimmed views for the upcoming holiday season but vowed to fix this problem with a “back to basics” approach.

“I am not satisfied with our current financial performance, and we intend to improve it,” Semel assured analysts during a conference call Tuesday. “We are not exploiting our considerable strengths as well as we should be.”

The 38% drop in earnings essentially wiped out 22 billion dollars in shareholder wealth, and Yahoo’s stock price dipped.

Google is scheduled to release their Q3 results on Thursday, October 19, 2006.

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