Continue in Many Global Markets
2003 earnings results for major Yellow Pages publishers worldwide indicate
that the industry as a whole continues to struggle with weak economic
conditions. Publisher guidance and signs of economic improvement do suggest
a modest turnaround in the second half of the year.
In the meantime, some
of the most positive signs are appearing in the electronic directory space,
as Internet Yellow Pages operations within traditional directory publishers
and stand-alones alike continue to show improvements in revenue, usage
and number of advertisers. At the same time, search players continue to
make great leaps in terms of acquiring small-business customers.
This Advisory offers
a brief summary of the results reported by the major publicly traded Yellow
Pages organizations worldwide, as well as a selection of stand-alone Internet
Yellow Pages (IYP) and search companies. Not captured here are privately
held companies that do not publicly report results. Additionally, some
U.S. and European entities have not yet formally reported their second-quarter
and first-half earnings results.