Yahoo Shares Fall on Weaker Profit Forecast
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Yahoo Inc. shares tumbled 15% after an analyst cut profit forecasts for the operator of the most-used Internet search site, partly on concern about slowing sales growth at its job-advertisement site HotJobs.com.
Shares of Sunnyvale, Calif.-based Yahoo fell $1.57 to $9.13 on Nasdaq.
Separately, TMP Worldwide Inc., owner of the biggest Internet employment site, Monster.com, this month trimmed its full-year profit forecast because companies are buying fewer ads on Monster.com. That may indicate that rival HotJobs.com will have a tougher quarter than forecast, said Investec Inc. analyst James Preissler, who rates Yahoo shares a “sell” and does not own them.
Preissler lowered his third-quarter earnings forecast to 3 cents a share from 5 cents and 2002 profit to 13 cents from 16 cents.
A Yahoo spokeswoman declined to comment.
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