Fourth-quarter operating earnings rose 44 percent at Yahoo! Inc., meeting Wall Street expectations for the company with the most popular destination on the Internet.
A grim warning about future growth, however, caused investors to send shares of Yahoo down 19 percent in after-hours trading.
The results matched expectations of analysts surveyed by First Call/Thomson Financial.
"By almost any measure Yahoo continued to outperform the industry, and took market share despite a challenging environment," CEO Tim Koogle said in a statement. "Yahoo has become increasingly essential to consumers and businesses."
But Koogle warned that "over the next year, we expect to see some short-term effects from the apparent softening economy and the continued realignment of our client base."
Though Yahoo's 2001 outlook indicated worries about advertising, the company also said it would reduce its reliance on advertising, getting it to about 80 percent of its revenue.<
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