Yahoo came out with earnings after the bell today, and once again the street was unhappy with the results. In the midst of a tremendous boom in internet advertising, the company's sales only grew by 7%, suggesting that Google continues to eat the company's lunch. On the company's conference call, CEO Terry Semel was asked about the Google's acquisition of DoubleClick, a company that Yahoo does a lot of business with. Semel's reaction was that the deal validated Yahoo's strategy over the past few years, which is the kind of thing that's only ever said by companies that have their backs up against the wall. Of course, deals don't validate strategies, earnings do. Unless the company can start to gain back market share and rapidly grow its earnings, it's hard to defend the company's current course.
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