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Yahoo Profit View Lowered at Global Equities Research
By Manikandan Raman | September 29, 2011 7:20 AM EDT
Global Equities Research has reduced its profit and revenue estimate of
Yahoo Inc. (NASDAQ: YHOO), saying the Internet firm is still losing
advertising dollars on display and search properties to Google and other
sites.
Enlarge Close (Photo: REUTERS / Robert Galbraith)
The headquarters of Yahoo Inc. is shown in Sunnyvale, California May 5, 2008
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The brokerage cut its third-quarter GAAP earnings view by 3 cents to 15
cents a share and revenue forecast, excluding traffic acquisition costs, by
$36 million to $1.04 billion, representing a decline of 48 percent and 7
percent from last year, respectively.
Wall Street expects Yahoo to earn 17 cents a share on revenue of $1.07
billion, according to analysts polled by Thomson Reuters.
For fiscal 2011, the brokerage now expects GAAP earnings of 66 cents a share
on revenue of $4.26 billion, representing a drop of 26 percent and 6
percent from last year. Earlier, it expected earnings of 68 cents a share on
revenue of $4.31 billion.
Analysts estimate earnings of 74 cents a share on revenue of $4.43 billion
for 2011.
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"Our research indicates that Yahoo today is in much weaker position than
before and the company fundamentals continue to deteriorate. Yahoo continues
to lose ad-spend on its display and search properties," Global Equities
Research analyst Trip Chowdhry wrote in a note to clients.
The brokerage, which spoke to no less than 25 eMarketers, said that display
ad-spend on Yahoo premier properties is probably down 3 percent to 5 percent
sequentially, with ad-spend shift happening to user-generated content
versus branded content.
"Converged view is that eMarketers are shifting their display ad-spend from
Yahoo premier properties including Yahoo home page into experimental
category," Chowdhry said.
The following are the experimental categories where the display ad-spend
shift from Yahoo is happening:
* Facebook Fan Pages
* Google YouTube
* Social Games
"The Ad-Spend shift away from Yahoo Display is probably irreversible, as
eMarketers feel user-generated content provides better micro-targeting and
monitoring of their digital marketing campaigns," wrote Chowdhry, who has a
price target of $12 on Yahoo stock.
Shares of Sunnyvale, California-based Yahoo closed Wednesday's regular
trading session at $14.19 on Nasdaq.
By Manikandan Raman | September 29, 2011 7:20 AM EDT
Global Equities Research has reduced its profit and revenue estimate of
Yahoo Inc. (NASDAQ: YHOO), saying the Internet firm is still losing
advertising dollars on display and search properties to Google and other
sites.
Enlarge Close (Photo: REUTERS / Robert Galbraith)
The headquarters of Yahoo Inc. is shown in Sunnyvale, California May 5, 2008
.Related Articles
Kraft Boss Bumps Pepsi Chief as Top U.S. Woman Exec
China's Rare Earths Monopoly - Peril or Opportunity?
Gold and Silver Report - "Muni-ficent"
Related Topics
CaliforniaFacebookAdvertisingAndroidGet Tech Emails&Alerts
Stay connected with cutting edge technology news Sample
The brokerage cut its third-quarter GAAP earnings view by 3 cents to 15
cents a share and revenue forecast, excluding traffic acquisition costs, by
$36 million to $1.04 billion, representing a decline of 48 percent and 7
percent from last year, respectively.
Wall Street expects Yahoo to earn 17 cents a share on revenue of $1.07
billion, according to analysts polled by Thomson Reuters.
For fiscal 2011, the brokerage now expects GAAP earnings of 66 cents a share
on revenue of $4.26 billion, representing a drop of 26 percent and 6
percent from last year. Earlier, it expected earnings of 68 cents a share on
revenue of $4.31 billion.
Analysts estimate earnings of 74 cents a share on revenue of $4.43 billion
for 2011.
Must Read
The Real Reason Amazon Kindle Fire Tablet May Be iPad Killer
Euro Crisis: Greece Must be Kicked Out if Euro to Survive
Sponsorship Link
Like us on Facebook
"Our research indicates that Yahoo today is in much weaker position than
before and the company fundamentals continue to deteriorate. Yahoo continues
to lose ad-spend on its display and search properties," Global Equities
Research analyst Trip Chowdhry wrote in a note to clients.
The brokerage, which spoke to no less than 25 eMarketers, said that display
ad-spend on Yahoo premier properties is probably down 3 percent to 5 percent
sequentially, with ad-spend shift happening to user-generated content
versus branded content.
"Converged view is that eMarketers are shifting their display ad-spend from
Yahoo premier properties including Yahoo home page into experimental
category," Chowdhry said.
The following are the experimental categories where the display ad-spend
shift from Yahoo is happening:
* Facebook Fan Pages
* Google YouTube
* Social Games
"The Ad-Spend shift away from Yahoo Display is probably irreversible, as
eMarketers feel user-generated content provides better micro-targeting and
monitoring of their digital marketing campaigns," wrote Chowdhry, who has a
price target of $12 on Yahoo stock.
Shares of Sunnyvale, California-based Yahoo closed Wednesday's regular
trading session at $14.19 on Nasdaq.
