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| Version 0 | Version 1 |
|---|---|
| Disappointing results from Yahoo | Disappointing results from Yahoo |
| (about 10 hours later) | |
| Internet company Yahoo has reported worse-than-expected results for a three-month period in which it fought off a takeover approach from Microsoft. | |
| Net income fell 18.6% to $131m (£65.8m) in the three months to the end of June. | Net income fell 18.6% to $131m (£65.8m) in the three months to the end of June. |
| Microsoft offered $31 a share for Yahoo in February but Yahoo has said it will only consider an offer of $33 a share. | Microsoft offered $31 a share for Yahoo in February but Yahoo has said it will only consider an offer of $33 a share. |
| The results came the day after Yahoo reached an agreement with Carl Icahn to stop him trying to replace its entire board at next month's annual meeting. | The results came the day after Yahoo reached an agreement with Carl Icahn to stop him trying to replace its entire board at next month's annual meeting. |
| Mr Icahn and two of his appointees have been given seats on an enlarged Yahoo board in return for agreeing to withdraw his slate from election at the 1 August annual meeting. | Mr Icahn and two of his appointees have been given seats on an enlarged Yahoo board in return for agreeing to withdraw his slate from election at the 1 August annual meeting. |
| Mr Icahn, who owns about 5% of Yahoo, felt that the search engine company should have accepted Microsoft's $31 a share offer - its shares closed on Tuesday at $21.58. | Mr Icahn, who owns about 5% of Yahoo, felt that the search engine company should have accepted Microsoft's $31 a share offer - its shares closed on Tuesday at $21.58. |
| Another set of disappointing figures will increase pressure on Yahoo to reach a deal. | Another set of disappointing figures will increase pressure on Yahoo to reach a deal. |
| "The results, I would say, were relatively mediocre," said Ryan Jacob, a portfolio manager from Jacob Internet Fund. | "The results, I would say, were relatively mediocre," said Ryan Jacob, a portfolio manager from Jacob Internet Fund. |
| "Given concerns about a slowdown in the display ad market, expectations were very low." | "Given concerns about a slowdown in the display ad market, expectations were very low." |