Yahoo suffers twin financial blows
The search engine suffered an 11 percent stock drop and reported an $1.3 million loss.
The company's stock slid $2.1, or 11.4 percent, to a new closing low Wednesday. Then Yahoo reported a loss for the quarter ending June 30, its first quarter as a public company.
This quarter's loss compares to a profit of only $68,000 for the quarter ending March 31. Still, Yahoo's loss of 5 cents a share came in better than expected by most Wall Street analysts, who had predicted a 7 cent per-share loss.
Other search engine stocks, all hit hard Wednesday, were mixed in early trading today. Excite was down 56 cents to $6.81 a share today after losing 62 cents Wednesday. Infoseek lost 25 cents today, sliding to $6.63 after dropping $1.13 yesterday, but Lycos gained 9 cents to $8.96 after dropping 50 cents Wednesday.
The Internet search engines have been pounded hard in the last month. Yahoo, the first of the search engines to go public, has lost $11.88 in the last 29 days, Excite $8.75, Lycos $7.25 and Infoseek $7.13.
Related stories:
Excite-Magellan merger
signals trend
Yahoo inks fast deal with
AltaVista
HotWired gets into the
search act
Excite lives up to name on
Wall St.
Excite follows Yahoo with IPO