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Oct17
Yahoo Posts Drop In Quarterly Profit
Yahoo! Inc. (YHOO) posted a drop of 37 percent in quarterly profit today due mainly to weak online corporate advertising sales and competitive pressures.

Last year this time quarter profits were at $254 million compared to today at $159 million, which works out to 11 cents per share. Total revenue did rise 19 percent to $1.58 million.

Terry Semel, Yahoo's chairman and chief executive officer, said in a statement that "...we are not satisfied with our third quarter financial performance.", as quoted in Reuters.

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