Yahoo shares plummet after earnings report

Yahoo shares fell nearly 22 percent on Wednesday to a two-year low of $25.70 one day after the search giant posted second-quarter revenue that fell shy of analyst estimates and said it would launch a new advertising platform a quarter later than expected.

Shares of Google, which reports its second-quarter results on Thursday, slipped 1 percent to $399.

Several analysts downgraded Yahoo after the announcement, including Jackson Securities, which downgraded Yahoo to "hold" and JP Morgan to "neutral."

Elinor Mills covers Internet security and privacy. She joined CNET News in 2005 after working as a foreign correspondent for Reuters in Portugal and writing for The Industry Standard, the IDG News Service, and the Associated Press. E-mail Elinor.

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