Yahoo! and Motorola beat the street

Yahoo! posted a net loss of $48.5m in its second quarter results narrowly beating Wall Street estimates.

However, the internet giant said results in the current quarter could miss analysts' estimates.

The $48.5m loss contrasts sharply with the $53.3m profit it reported 12 months ago.

In the three-month period ending June 30 revenue slipped 33 per cent to $182m, compared to $273m last year. Analysts had predicted revenues of $175.1m.

The company is continuing to suffer from the downturn in web advertising revenues as supply continues to greatly exceed demand. Yahoo said it would now look to seal a number of partnerships over the next few months in an attempt to consolidate its position.

Meanwhile, troubled mobile handset manufacturer Motorola also narrowly beat the estimates of Wall Street doom mongers, despite posting a Q2 operating loss of $232m.

Revenues for the quarter totalled $7.5bn, down 19 per cent from the $9.3bn recorded for the respective quarter 12 months ago.

The company reported a second-quarter operating loss of $232m, excluding special items, compared with a profit of $551m in Q2 last year.

Motorola blamed the results on the problems facing the telecoms and processor markets.