Chief Yahoo! steps back

Chief Yahoo! steps back

Succumbing to the challenges of the tightening online advertising market, Internet giant Yahoo! has announced it expects a major shortfall in earnings, breaking even in the first quarter despite analysts' earlier predictions of profit. In addition, the company announced that Tim Koogle will step down as CEO - although he will retain his role as chairman - and that the company has begun the search for his replacement.

Koogle cited the rapidly deteriorating advertising market for the shortfall. He said companies had pulled back spending due to the uncertain outlook for the future of the economy.

Yahoo! will continue to roll out new services for its 185 million users worldwide, but will also continue to focus on services for corporate customers because it has seen rapid growth in this sector, officials said.

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