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Yahoo! Disappointing Q4
January 19. 2004

"Yahoo Inc. (YHOO) shares fell over 4% after its fourth-quarter results, while in line with estimates, failed to satisfy Wall Street's heightened expectations.

"Clearly, they didn't release a blowout quarter," said First Albany Capital analyst Youssef Squali. "Some may see that as somewhat disappointing."

The Sunnyvale, Calif., company earned 11 cents a share in the fourth quarter, 3 cents ahead of year-earlier results and in-line with the consensus estimate. Revenue excluding traffic-acquisition costs came in at $511.3 million, slightly higher than Wall Street estimates.

Yahoo historically exceeds earnings expectations, and revenue typically beats estimates by a wider margin, Squali said.

Adding to the selling pressure is the need to money off the table after an impressive run ahead of the earnings report, the analyst said. Yahoo's stock has risen nearly 24% since mid-December, and hit a 52-week high Tuesday."