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Yahoo! announced quarterly revenues of US$1.25 billion and net income of US$755 million. That represented a 51 percent increase from revenues of US$832.3 million last year during the same period. Yet the stock lost value in after-hours trading.

I believe this reflects overheated expectations for the Internet bellwethers. We'll see what happens to Google and how the market reacts on Thursday.

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Related: Leslie Walker's thoughtful overview of Yahoo!'s strategy and pipeline initiatives.

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