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Yahoo shares plunge after Microsoft go cool on a renewed takeover

20th November 2008 5:54 pm

Yahoo shares have fallen over 20% after comments from Microsoft chief executive Steve Ballmer stating that the software giant is now only interested in a search-only partnership rather than the buyout it was previously seeking.

The slump immediately snuffs out any optimism felt after Yahoo CEO Jerry Yang announced he would soon be stepping down. This seemingly paving the way for renewed buyout talks and Yahoo’s shares rose sharply only to fall back following Ballmer’s comments made during a shareholder question and answer session.

Meanwhile it’s been announced that Mozilla, the company behind open source internet software such as Firefox and Thunderbird, has seen revenue rise sharply following it’s partnership with search giant Google.

The company saw revenues of $65 million in 2007 up almost 70% in 2008. Mitchell Baker, Mozilla chairman, said in the foundations’s blog “We believe that Mozilla’s structure and financial management will allow us to continue with relative stability despite the disturbing economic conditions that developed over the summer and fall of 2008. There are no guarantees of course and Mozilla is not immune. We will certainly feel the effects of the economic situation. However, there are a number of reasons why Mozilla is likely to experience less disruption than other organizations”.

Mozilla is tied up with Google until 2008 and the deal seems harmonious despite Google going head to head with Firefox by launching it Chrome internet browser.

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