[forbes_home_logo.gif] Jump | Free Trial Issue (_) Search (_) Quote [Select Section.............] ____________ Go U.S. | EUROPE | ASIA HOME PAGE FOR THE WORLD'S BUSINESS LEADERS [USEMAP:generic.gif] Home > Breaking News Related quotes TWX 17.32 + 0.09 YHOO 49.99 - 0.16 4/5/04 4:01:00 PM ET ______ get quotes REUTERS Yahoo ad sales, outlook take earnings spotlight Reuters, 04.05.04, 9:06 PM ET ADVERTISEMENT E-Mail Alerts Companies [_] TWX [_] YHOO Topics [_] Broadcasting and Publishing [_] Online [_] Leisure Industry [_] United States Enter E-Mail Address: FAQ | Privacy Policy ____________________ Sign Me Up! [USEMAP:alertsoptions.gif] Homebound Mortgage Apply For A Mortgage Todays Mortgage Rates Home Equity Mortgage Calculator Free Credit Report FHA & VA Mortgage Loans Buyers Calculator How Much Can You Borrow? Should I Refinance? Low Home Equity Rates [inline_header_free_336.gif] Please enter your name and email to begin: Name: _______________ Email: _______________ Continue Click 'Continue' to complete your subscription order. eLibrary @ Forbes.com more > Research topics related to this story in the eLibrary news and magazine archives. Broadcasting and Publishing Online Leisure Industry United States By Lisa Baertlein SAN FRANCISCO, April 5 (Reuters) - When Yahoo Inc. (nasdaq: YHOO - news - people) reports quarterly earnings this Wednesday, investors from Wall Street to Main Street will be eyeing the Internet company's advertising sales and earnings outlook for signs its stock is not overpriced. Following a predictable pattern of running up ahead of earnings, Yahoo shares finished Monday's Nasdaq session at $49.99, after hitting a new one-year high of $50.99 during the session. Yahoo investors "buy on the mystery, sell on the history," said American Technology Research analyst Mark Mahaney. The company's stock chart looks like a jagged saw blade with uptrends fueled by expectations of good financial results and downdrafts driven by anything other than booming growth. While some investors are sitting on the sidelines due to Yahoo's rich, $33.3 billion valuation -- which makes it almost half the size of media giant Time Warner Inc. (nyse: TWX - news - people) on paper -- the Internet bellwether's post-bubble resurgence is difficult to ignore. For the Yahoo's first quarter ending in March, analysts are predicting strong results propelled by a revival in traditional online advertising and continued strength in Web-search ads. Piper Jaffray analyst Safa Rashtchy on Monday boosted his forecast for year-over-year advertising growth to 25 percent from 20 percent and raised his revenue and earnings targets. He took his net income estimate up 1 cent to 11 cents a share and raised revenues to $511.5 million from $505 million. Analysts polled by Reuters Research see Yahoo posting first-quarter earnings of 11 cents a share on revenue, excluding traffic acquisition costs, of $484.68 million. Traffic acquisition costs are advertising revenues that Yahoo shares with its distribution partners. Fulcrum Global Partners analyst Imran Khan added that Yahoo's traffic and key-word advertising prices are on the rise, bolstering advertising revenues. The improving job market, too, could be setting the stage for better-than-expected results at Yahoo's HotJobs unit. Mahaney said he'll be watching for any changes to Yahoo's previously stated goal of signing up 7 million to 7.5 million fee-paying subscribers in 2004, following Web search service Google Inc.'s splashy announcement last week that it plans to offer a competing free e-mail service called Gmail. For the second quarter, Yahoo is forecasting earnings of 12 cents a share and revenue, excluding traffic acquisition costs, of $534.05 million. In order for shares to continue rising following earnings, Yahoo will have to post results and guidance that substantially exceed street expectations, analysts said. Copyright 2004, Reuters News Service Send comments E-mail story [USEMAP:nav_bottom.gif] Ad Information Forbes.com Wireless Reprints / Permissions Subscriber Services © 2004 Forbes.com Inc.(TM) All Rights Reserved Privacy Statement Terms, Conditions and Notices [attfooter.gif] Online Marketing by Search Engine Optimization Market data provided by Reuters. Disclaimer Stock quotes are delayed at least 15 minutes for Nasdaq, at least 20 minutes for NYSE/AMEX. U.S. indexes are delayed at least 15 minutes with the exception of S&P 500 which is real-time. Forbes 40 Index powered by Telemet. News may include latest headlines from Reuters. 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