Internet giant Yahoo! has reported a third-quarter loss and a decline in revenues and said it may have to cut more jobs this year as it grapples with an "unprecedented" economic downturn.
The company also cut its revenue forecasts for the fourth quarter and the full year but said it could meet existing operating profit goals for the year by further reining in costs.
It said it is reviewing its businesses and will announce a corporate realignment, which may include job cuts, on November 15th.
Yahoo! said it recorded a loss of $24.1 million, or 4 cents a share in the quarter, compared with a profit of $47.7 million or 8 cents a share in the year-ago period.
Sales fell to $166.1 million from $295.5 million and were also at the low end of analysts' forecasts. Analysts surveyed by Thomson Financial/First Call had been expecting sales of about $170.5 million.
Yahoo! also said it lost about $2 million to $3 million in quarterly revenues due to the September 11th attacks, which caused delays and cancellations in business.
On an operating basis, excluding a range of costs, the company reported a small profit of $8.4 million, or a penny a share, which was in line with the consensus estimate of most analysts, but well below the operating profit of $81.1 million or 13 cents a share announced in last year's third quarter.
The company's shares, which had closed the regular trading session up 77 cents a share to $10.93, were quoted around $11.30 a share about an hour after the third-quarter numbers came out yesterday.