5:00pm -- the webcast is about to begin. Get a load of Yahoo!'s Q2 financials using this PDF file if you're so inclined. The lowdown: $1.698 billion in revenue for the quarter and 8% increase from the year-ago quarter.

5:03pm -- Marketing fee revenue was $1.486 billion for the quarter, while revenues from other fees totaled $212 million for the quarter. So, Yahoo! is still an advertising fees company, not a subscriber fees company. Heh.

5:05pm -- non-GAAP net EPS was $0.17 for the quarter, or $0.11 if you include stock-based compensation. This is dead-on what the consensus industry average was; Yahoo! hit the EPS expectation for Q2.

5:07pm -- Yahoo! CEO Jerry Yang takes the reigns of the call to kick it off. He explains that he has received a lot of positive reinforcement since he took over as CEO about a month ago. CFO Blake Jorgensen and President Sue Decker are expected to have prepared remarks here in a second.

5:09pm -- Yang's prepared remarks are stirring in a surface-level kind of way, but the plan he continues referring to will take "the next 100 days" or so. He hits on the partnership of advertisers and developers and says that Yahoo!'s share of the overall internet revenue landscape is shrinking while the company retains the eyeball of hundreds of millions of customers. In a manner if speaking, Yang seems to be saying "Nice job, Terry." Meh.

5:13pm -- Yang also is talking about a new "Yahoo! culture" -- which seems like another slam on former CEO Semel. What the heck has Yahoo! management been doing in the last 24 months? Sitting around a campfire singing?

5:14pm -- President Sue Decker takes over and states that Yahoo! needs to create the largest internet ecosystem in existence. In terms of trying to catch Google's enormous ecosystem, Yahoo! has a lot of work to do.

5:16pm -- Sue is talking about the exit of talent from Yahoo! recently, and says that this is somewhat natural (an excuse?). She also talks about the failure to use the Overture division as a way to compete (against Google, of course) instead of letting the sales and marketing focus of that division (which needed to change to search relevancy instead).

5:20pm -- Decker is talking about the financial gains seem from Project Panama (Yahoo!'s search system). She is talking double-digit growth in "revenue per search," or RPS. Whew -- this is a welcome relief to YHOO shareholders most likely.

5:25pm -- Decker is still talking. She is going over quite a few prepared remarks (pages long, jeez). CFO Jorgensen takes the reigns and will now go over financial detail. For a snapshot of all the Q2 information, see this PDF.

5:30pm -- Jorgensen begins going over financial details, and makes a special point of saying revenues from Yahoo!'s own properties far outpaced revenues from other areas. In other words, Yahoo! is reaping revenue from its own sites, leveraging income from customers coming to it, instead of going out to find customers. With Yahoo! still being a top web destination globally, this comes as no surprise.

5:34pm -- Jorgensen is basically going over the Q2 details -- every single one of them. With all these prepared remarks, there is going to be little time for an analyst Q&A, but we'll soon see. Jorgensen closes with comments about the recent finalization of the Right Media purchase.

5:40pm -- The analyst Q&A finally starts after a touch of bloviating by Yang, Decker and Jorgensen. It was needed I guess, as the senior management team needed to reassure the market that it knows (somewhat) what it is doing.

5:46pm -- first question: for the Q3 quarter, what investments organically will contribute to Yahoo!'s margin? Answer (Jorgensen): growing internal headcount to reinvest in the search and display business will be an investment that will continue to hit in the current quarter. Decker adds that the marketing and platforms side will see the top priorities for the current quarter, as well as the partnerships with the newspaper consortium that Yahoo! has announced.

5:49pm -- next question: will Yahoo! shut down non-core operations within the company? Answer (Yang): Yahoo! will always be making adjustments as a single company instead of silos that operate independently (another reference to Semel's tenure here?). In other words, Yang makes no direct comment on what Yahoo! is looking at in terms of de-emphasizing certain services.

5:52pm -- next question: how is Yahoo! going to increase RPS (revenue per search) beyond the 18% revenue growth the company saw in Q2? Decker: Yahoo! is expecting the same level of growth in the back half of the year, and some of the growth expected from the Q3 and Q4 period was actually reflected in Q2, so predictions are not that prudent right now.

5:55pm -- next question: how is Yahoo! going to be a "partner of choice" when Yahoo! has competitive problems (alluding to Google). Answer from Decker: Yahoo! is pleased about its progress so far, even with the monetization issues it has seen. My take: Even though growth here has been good, Google's phenomenal results in this area are probably overshadowing anything Yahoo! can provide.

5:57pm -- last question: the display business: it has slowed down, although the change from display ads (page views) to not selling premium ad inventory is underway. Is it? Yahoo! sees 4 billion page views per day (double-digit growth) says Decker, and Yang ads that Yahoo! needs more premium inventory (which was the base of the analyst's question). No direct answer here.

6:00pm -- that's it -- Yahoo!'s Q2 call ends with a short goodbye from Yang. Bye, folks.