YHOO’s Only Surprise

Posted: July 18, 2007 in Uncategorized
YHOO reported as expected.  No surprise.
 
All the headlines have been negative.  No surprise.
 
However, Henry Blodget of the Internet Outsider took an interesting tact, listing all the silverlining items from the conference call.
 
My favorite quote from this piece:
 
     "We did not have to hear Terry tell us that Yahoo had a great quarter, is outgrowing the market, and is in fantastic shape–and wonder whether he had ever set foot in the place."
 
So true!
 
But speaking of Semel, interesting that G&A related Stock Based Compensation Expense plummeted from $23.5m to $9.9m this quarter.
 
Assuming that’s Semel hangover shares, that $9.9m divided by shares rounds up to 1 cent.
 
So — I wonder once again — did Semel’s irresponsible comp package cause YHOO to miss beating by a penny?
 
If so, you just gotta wonder who on the board got YHOO into that mess… ?!
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