Yahoo verlieren zu Handelsbeginn 10%.

                    million, or 2 cents per share. That
                    per-share figure met the expectation of
                    analysts surveyed by Thomson
                    Financial/First Call.

                    Yahoo generated $193 million in revenue
                    for the quarter. The results included
                    HotJobs, which had roughly $100 million
                    in sales last year and was recently
                    acquired by Yahoo. Analysts expected
                    $175 million, plus roughly $11 million
                    from the addition of HotJobs. U.S.
                    Bancorp Piper Jaffray projected
                    combined sales of $191 million.
                    First-quarter sales last year hit $180
                    million while fourth-quarter sales hit $188
                    million.

                    Global sales weak, non-ad sales
                    up

                    Yahoo also raised its outlook for 2002
                    even though sales outside of the U.S.,
                    which accounts for 14 percent of total
                    revenue, appear tenuous. Yahoo CFO
                    Sue Decker said that international sales
                    dropped 13 percent to $26 million from
                    the fourth quarter. Decker said that the
                    economic issues that took hold in the
                    U.S. shifted to the global markets in the
                    second half of last year.

                    A global economic slump has been the
                    primary reason Yahoo and other
                    ad-supported companies have sought to
                    make money through other means. This
                    was the reason behind the HotJobs
                    purchase, which closed in February.

                    With the HotJobs job recruiting
                    business, Yahoo now believes it can
                    generate sales between $870 million and $910 million. This is up from the estimated $725 million and
                    $750 million given in January. The new outlook includes HotJobs, which Yahoo estimates could
                    generate between $90 million and $100 million in sales for the full year.

                    "We transformed our business model to identify key priorities," said Terry Semel, Yahoo's CEO. "And
                    those are gaining traction."

                    Indeed, marketing/advertising accounts for 63 percent of total sales compared to 90 percent at the
                    start of 2001, Semel said. Fees and listings could "drive sales even if the ad slump continues," he
                    said.

                    The HotJobs acquisition and the company's partnership with Overture (OVER: news, chart, profile)
                    helped to alleviate Yahoo's dependence on advertising. By the second half of 2002, Yahoo expects
                    between $20 million and $30 million in sales from its co-branding Internet access venture with SBC
                    (SBC: news, chart, profile). It's unclear, however, whether Yahoo can count on its partnership with
                    Overture (OVER: news, chart, profile), which brings in an estimated $12 million and $15 million in
                    revenue a quarter. The partnership, which is a revenue-share from small businesses seeking to pay to
                    be listed online, is a significant relationship as it is enabling Yahoo to boost this quarter's sales
                    objective.

                    Yahoo expects second-quarter sales between $205 million and $225 million. This includes revenue
                    from Yahoo's relationship with Overture as well as a $20 million to $25 million contribution from
                    HotJobs.

                    Yahoo's agreement with Overture continues through the end of June and company management did
                    not say whether they'd renew the deal or provide the service itself.

                    Outlook

                    Second-quarter cash flow (earnings before interest, taxes, depreciation, amortization and stock
                    compensation expense) is expected to be between $23 million and $33 million for the second quarter
                    and between $105 million and $130 million for the full year 2002. In January, Yahoo estimated
                    EBITDA to come in between $70 million and $100 million.

                    For 2002, Yahoo was expected to generate $797.70 million in sales,
                    excluding sales from HotJobs. This is up from $717 million last year. For
                    2003, analysts projected Yahoo to generate $992 million. On the bottom
                    line, Yahoo is currently expected to earn 10 cents a share, up from 7
                    cents last year. Those earnings are expected to grow to 20 cents in 2003