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New slump for Yahoo

YAHOO slipped further behind in the online advertising race during the fourth quarter as the internet company entered the fourth year of a revenue slump.

The results marked the latest in a succession of disappointing performances. The persisting malaise led to the firing of Carol Bartz as chief executive four months ago.

Yahoo recently replaced Ms Bartz with PayPal executive Scott Thompson, the fourth chief executive in less than five years.

Fourth-quarter revenue dropped 13pc from the previous year to $1.32bn (e1.01bn). After subtracting advertising commissions, Yahoo's revenue totalled $1.17bn (e0.89bn) or $20m (e15.3m) below analyst projections. It is the 13th straight quarter that Yahoo's net revenue has declined from the previous year.