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Yahoo posts a loss for final quarter of 2008

Yahoo made a loss during the last quarter of 2008 due to loss of advertising revenue in the wake of the global credit crunch. The internet giant has lost an estimated £215m over the last three months.

Market analysts had predicted bigger losses for Yahoo following a turbulent 2008 which saw the company reject a £33bn takeover deal by software giant Microsoft. Company founder and former chief executive Jerry Yang has since been replaced following a vote of no confidence by shareholders.

Mr Yang's replacement, Carol Bartz, has underlined that she doesn't want to sell the company, but added that she will work in the interest of both Yahoo shareholders and customers. Microsoft was hoping to merge with the internet company in an attempt to challenge Google's dominance of the search engine market. With a new chief executive on board at Yahoo it looks as if 2009 could be an interesting year in the battle of the search engines.

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