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SUNNYVALE — Yahoo Inc. is lowering its revenue estimates for the remainder of the year. The move reflects mounting concerns about a downturn in online ad spending as the economy unravels.
In a revision made Tuesday, the Sunnyvale-based company projected its 2008 revenue will range from $7.18 billion to $7.38 billion — down from a forecast of $7.35 billion to $7.85 billion issued three months ago.
Like most Internet companies, Yahoo relies on advertising for most of its profits. Online advertisers, though, are cutting back as they brace for what's expected to be the worst recession in a quarter-century.
The tough times promoted Yahoo to draw up plans to fire at least 1,500 workers after a 64 percent drop in its third-quarter profit.
© 2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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 | Yahoo to dump 1,500 workers as slump deepens | Associated Press | Tue Oct 21 | 3 |
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