Yahoo shares plummet after earnings report

Yahoo shares fell nearly 22 percent on Wednesday to a two-year low of $25.70 one day after the search giant posted second-quarter revenue that fell shy of analyst estimates and said it would launch a new advertising platform a quarter later than expected.

Shares of Google, which reports its second-quarter results on Thursday, slipped 1 percent to $399.

Several analysts downgraded Yahoo after the announcement, including Jackson Securities, which downgraded Yahoo to "hold" and JP Morgan to "neutral."

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Elinor Mills covers Internet security and privacy. She joined CNET News in 2005 after working as a foreign correspondent for Reuters in Portugal and writing for The Industry Standard, the IDG News Service, and the Associated Press. E-mail Elinor.

 

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