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2003 Annual Report
This document outlines Terry Semel's annual letter to Yahoo's shareholders for 2003. The summary is: 1) Yahoo had a very successful year in 2003, with revenue growing 71% to $1.6 billion due to diversifying revenue streams beyond dot-com advertising. 2) Key areas of focus and investment were search and commerce, premium services, communications products, and media/content which led to growing user engagement. 3) The marketing services business nearly doubled in revenue due to building the largest online advertising platform with exposure to small/medium and large advertisers. 4) Looking ahead, Semel outlines continued focus on product/service innovation, international growth, broadband content, and building on
