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January 23, 2007

Yahoo Earnings Watch

Lots of conflicting forces pushing Yahoo around today, with earnings set for release after the close.

• A surprisingly detailed story in today's WSJ talks through early advertiser experiences with Panama ad platform
• Consensus is $0.13 on $1.22-billion in revenue
• People will key in on figuring in which quarter we will see a Panama-impact

While the WSJ story today was market-moving, I think it was overdone and more than a little misleading. Small advertisers are a) always going to complain, and b) much less important to the overall CPC story than they were 4-5 years ago.

[Update] Yahoo's results are now out, with $1.23-billion in net revenues and $0.19 in earnings, both ahead of the consensus numbers above. Lots of nattering about option expenses, but the numbers are still ahead, even with stock compensation costs included.

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