SAN FRANCISCO (Reuters) - Microsoft Corp's share of the Internet search market slipped in September, marking the first reversal since the software giant launched a revamped search engine to take on search giant Google Inc four months ago.
According to a report by analytics firm StatCounter, Microsoft Bing's share of the U.S. search market decreased by more than 1 percentage point in September.
Bing, which Microsoft is backing with a massive marketing campaign, had 8.51 percent share in September compared with 9.64 percent in August.
Google's share of the U.S. search market increased to 80.08 percent in September compared with 77.83 percent in August.
The report represents the first decrease since Bing was introduced in June. Earlier this month, a separate report by comScore stated that Bing's U.S. search share in August increased to 9.3 percent, from 8.9 percent in July.
On Thursday, Goldman Sachs removed Microsoft from its Americas Conviction Buy List, though the brokerage firm retained its "buy" rating on the stock.
StatCounter CEO Aodhan Cullen said in a statement that Bing has lost momentum since mid-August.
Yahoo's share of the search market decreased from 10.5 percent to 9.4 percent, according to StatCounter.
Microsoft shares were down 82 cents or 3.2 percent at $24.90 on the Nasdaq in early afternoon. decreased 2.95 percent to $24.96 in midday trading. Google shares were off 1.3 percent at $489.31.
Reporting by Alexei Oreskovic, editing by Matthew Lewis