Yahoo, Inc. (NASDAQ: YHOO) is out with numbers and it appears that while there is a bit of growth, it's nothing to write home about. According to the Business Wire report: " Revenues were $1,798 million for the second quarter of 2008, a 6 percent increase compared to $1,698 million for the same period of 2007. "

Keep in mind that with the big shareholder meeting set for August 1st, don't you think the company would have done all they could to deliver a super earnings report? If this is the best that they can do, 6% revenue growth, then something is very wrong with management, and Carl Icahn is going to have a much easier job of trying to replace CEO Jerry Yang. With shares trading at about $20, they are going to have to do some fancy talking to show why rejecting a $31 to $33 per share offer from Microsoft Corporation (NASDAQ: MSFT) was actually good for shareholders.

The company keeps talking a good game and about future growth, but it comes down to just one principle for investors: Show us the money.

Aaron Katsman is the lead Portfolio Manager and Managing Director of America Israel Investment Associates, LLC. and Senior Editor of IsraelNewsletter.com. DISCLOSURE: Writer's fund has no position in any stock mentioned, as of 7/22/08.