Yahoo! Shuts Down Geocities

Yahoo! has closed GeoCities, a free Web hosting service that it purchased for over three billion dollars at the height of the dot-com boom.

Yahoo! said GeoCities would not be available after yesterday and recommended GeoCities refugees set up new online homes at its paid Web hosting service, with an introductory offer of just five dollars for the first 12 months. The closure of GeoCities comes a week after Yahoo! reported that aggressive cost-cutting helped it more than triple its net profit despite a 12-per cent decline in revenue in its third quarter.

Yahoo! said net profit soared more than 244 per cent in the quarter to 186 million dollars, or 13 cents per share, from 54 million dollars, or four cents per share, a year ago, easily surpassing analysts' forecasts. The better-than-expected performance was due in large part to cost-cutting measures implemented by Carol Bartz.