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Yahoo Expects Second-Quarter, Yearly Loss

June 19, 1998|Reuters

Internet company Yahoo Inc. said that it expected to report losses for the second quarter and the year due to a one-time $45-million charge related to its purchase of Web software maker Viaweb Inc. In a filing with the Securities and Exchange Commission, Yahoo said the charge was for acquired technology and expenses associated with the deal. Santa Clara-based Yahoo, which offers the most popular directory of Web sites and other services, bought Viaweb, which makes software for building and operating Internet commerce sites, in a $49-million stock deal. In 1997, Yahoo reported a net loss of $22.9 million. In the second quarter of 1997, the company earned $610,000, or 2 cents per share. Yahoo shares, which had been climbing with other Internet stocks after media giant Walt Disney Co. agreed to buy a stake in search and Web portal service Infoseek Corp., fell $2.88 to close at $127.75 on Nasdaq.

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