Disappointing results from Yahoo
Internet company Yahoo reported worse-than-expected results for the three months, which fought against the seizure of a bid approach Microsoft.
Net profit decreased by 18.6% to $ 131m (£ 65.8m) in the three months before the end of June.
Microsoft offered $ 31 share in Yahoo in February, but Yahoo said that the proposal only 37 U.S. dollars share.
The results came day after Yahoo reached agreements with Carl Icahn, to stop attempts to replace its entire board next month’s annual meeting.
Mr. Icahn and his two appointments have been expanded Yahoo fee in exchange for agreement to withdraw from its list of candidates for election at the annual meeting on August 1.
Mr. Icahn, owns about 5% of Yahoo, said that Microsoft search engine company in the $ 31 offer of one hand – its shares closed Tuesday at 21.58 dollars.
Another series of disappointing figures increase the pressure on Yahoo to reach agreement.
“The findings, I would say, quite mediocre,” said Ryan Jacob, portfolio manager of Jacob Internet fund.
“Taking into account the concern about the slowdown in display ad market, the expectations were very low.”
adapted from http://news.bbc.co.uk/
