Yahoo! announced that it is seeing a slowdown in advertising spend in its two biggest advertising segments. The news led to 13 % drop in share prices.
Chief Financial Officer Susan Decker told investors at a Goldman Sachs media conference that Yahoo has seen "a little bit of weakness in the last few weeks" in auto and financial services advertising. "It's a new trend. It's been two to three weeks and we don't know yet if it's an indicator of a broader slowdown," Decker later told reporters at the conference.
Richard Williams, director of equity research at interdealer broker ICAP in New York adviced to stop buying things on the internet and said, "We'll be watching results from Google and other Internet companies to see if this is indeed just a blip, or just a specific issue."
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