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NEW YORK Yahoo as expected reported sharply lower growth in the third quarter due to lower spending levels from brand advertisers.
The company said third-quarter total revenue was $1.58 billion, up 19 percent compared to the year-ago quarter and below the industry’s growth rate. Excluding revenue shared with partners, Yahoo took in $1.12 billion, up 20 percent.
Yahoo executives said the reason, as they had warned late last month, was a slowdown in brand advertising. While Yahoo has long competed with MSN, AOL and Google for money as the biggest Net players, it is now facing competition from upstarts like MySpace and the broadband offerings of traditional media outlets.
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