Pound the alarm!
In September, Yahoo's search business shrank 25 percent from last year's number.
That's according to ComScore numbers analyzed by Ben Schachter of Macquarie Securities.
Yahoo's share of search queries dropped from 15.5% in September 2011 to 12.2 percent last month. In August, its share stood at 12.2 percent.
Over the past year, Google has gone from 65.3 percent to 66.7 percent. Microsoft went from 14.7 percent to 15.9 percent.
"[T]he downward trend remains very well-established and supports our view that the long-term trajectory of YHOO's search share is a significant concern," Schachter wrote. "Most importantly, and unfortunately for YHOO, we see no obvious structural bottom for YHOO's search share. This is a significant problem in our view given the fact that search is a very high-margin business for YHOO and likely represents the significant majority of the company's EBITDA."
The ComScore numbers don't include mobile, which is an area where Yahoo is likely even weaker than on desktop searches.
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