Wikipedia boss predicts serious downturn for websites
LONDON - The founder of not-for-profit reference site Wikipedia has predicted the downfall of "some major household name websites" and a drop in online advertising revenue.
Jimmy Wales is predicting internet and technology companies will suffer a "serious downturn" due to the recession, and suggested Yahoo! is the company most likely to suffer a sustained downturn.
In an interview with The Daily Telegraph, Wales said the knock to the global economy will hit websites that are heavily reliant on advertising and a "lot of marginal players are going to have serious problems".
"I could see some of the major players' stock suffering, some of them quite badly, but overall I don't think it will be that bad," he said.
Yahoo, which turned down a $44.6bn (£29.3bn) takeover bid from Microsoft in May, last week announced a 64% fall in quarterly profits as well as 1,500 job cuts.
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