Yahoo (NASDAQ: YHOO) has done what it needed to do: report a solid quarter in the high end of the range. The results were not a blow-out and certainly could have been higher. However, they should be enough to allow Yahoo to maintain its current Microsoft stance: no deal unless you raise price. Yahoo has not decided whether to pursue a Google outsourcing deal, but clearly it is still on the table.

LIVE CALL ANALYSIS: Conference call starting... Goes from godawful Muzak to technical difficulties to interminable Safe Harbor disclosure. Please see notes below...

Revenue (Net) $1.35 billion, above consensus of $1.32 billion, upper end of range, but not a blow-out (ie, in line with Yahoo pre-release through NY Post this morning). Revenue could certainly have been stronger: Owned and operated properties decelerated again, to 18% (from 22% last quarter). Overall, revenue growth only accelerated from 8% to 9% Y/Y--not what one would call impressive (bar so low they could have fallen over it--as they appear to have)--but revenue ex-TAC up a better 14% (no acceleration). US Growth good. International horrible.

Adjusted EPS: $0.11, versus $0.09 consensus, in line with whispers. Operating income in line with guidance range (high end). EBITDA down year-over-year, especially in U.S. This will be called "investment," but it's ghastly.

Ebay Inc. (NASDAQ: EBAY): Revenue and EPS beat consensus, but outlook only in-line despite strong quarter. Core marketplace business showed good strength in listings, revenue, and GMV, but active users grew only 1% year over year. eBay needs to get this metric moving in the right direction soon, or the turnaround will not be sustainable. Business in UK and US hurt by weak economy. PayPal and Skype ahead of expectations. Outlook for Q2 revenue and EPS only in-line with consensus, which may worry investors. Full-year guidance slightly above consensus despite significant upside this quarter.

Key Metrics:

* Revenue: $2.19 billion, up 24%, well ahead of consensus and guidance of +16%).
* Adjusted EPS: $0.42, vs. $0.38 consensus. Revenue strong, sales and marketing lower than expected.
* eBay Marketplace Revenue: $1.48 billion, up 19%
* Gross Merchandise Value (GMV): $16.04 billion, up 12% (vs. 11% est)
* Active Users: 84mm, up 1%. THIS IS A DISAPPOINTMENT.
* Total listings: Approximately 647 million, up 10%
* PayPal: $582 million, up 32%
* Skype: $126 million, up from $113mm in Q4
* Outlook:
o June: Guidance in line with current consensus despite strong quarter.
o 2008: Guidance slightly ahead of current consensus: $8.7-$9.0 billion revenue vs. $8.79 consensus, $1.70-$1.75 EPS guidance vs. $1.68 consensus. This will likely spook some analysts.

Time Warner Inc. (NYSE: TWX)
Q4 2007 Earnings Conference Call
Wednesday February 6, 2008 at 10:30 AM ET

Corporate Participants

James E. Burtson, Senior Vice President, Investor Relations
Jeffrey L. Bewkes, President and Chief Executive Officer
John K. Martin, Executive Vice President and Chief Financial Officer

Management Summary

Operator

Hello, and welcome to the Time Warner Fourth Quarter 2007 Earnings Call. At this time, all participants are in a listen-only mode. During the question and answer and session, please press star one on your touch-tone phone to ask a question. Today's conference is being recorded. If you have any objections, you may disconnect at this time. Now, I'll turn the call over to James Burtson, Senior Vice President of Investor Relations. Sir, you may begin.

James E. Burtson, Senior Vice President, Investor Relations

Thanks, and good morning, everyone. Welcome to Time Warner's 2007 full year and fourth quarter earnings conference call. This morning, we issued two press releases, one detailing our results for the 2007 full year and fourth quarter, and the other providing our 2008 business outlook.

Before we begin, there are several items I need to cover. First we refer to non-GAAP measures, including such measures as operating income before depreciation and amortization or OIBDA and free cash flow. We use these measures when we analyze year-over-year comparisons. In order to enhance comparability, we eliminate certain items such as non-cash impairments, gains or losses from asset disposals, and amounts related to securities litigation and government investigations. We call this measure adjusted operating income before depreciation and amortization or adjusted OIBDA. A schedule setting out reconciliations of these historical non-GAAP financial measures to operating income and cash provided by operations or the other most directly comparable GAAP financial measure as applicable are included in our earnings release or trending schedules. These reconciliation are available on the company's website at www.timewarner.com/investors. A reconciliation of our expected future financial performance is also included in the business outlook release that is available on our website.

Second, as a result of the sales of the Parenting Group, most of the Time4 Media magazine titles, The Progressive Farmer Magazine, Leisure Arts, the Atlanta Braves baseball franchise, Tegic Communications and Wildseed, the company has presented the operating results for these businesses as discontinued operations for all periods presented. The 2006 operating results of Time Warner Book Group and the Turner South network, as well as cable systems transferred to Comcast in the Adelphia/Comcast transaction are reflected as discontinued operations as well.

Google Inc (NASDAQ: GOOG)
2007 Q4 Earnings Conference Call
Thursday, January 31, 2008, 4:30 PM ET

Corporate Participants

Dr. Eric Schmidt, Chairman of the Board and Chief Executive Officer
George Reyes, Senior Vice President & Chief Financial Officer
Larry Page, Co-Founder & President, Products
Sergey Brin, Co-Founder & President, Technology
Jonathan Rosenberg, Senior Vice President, Product Management
Omid Kordestani, Senior Vice President, Global Sales & Business Development

Management Summary

Operator

Good day and welcome everyone to the Google Inc. Conference Call. Today's call is being recorded. At this time, I would like to turn the call over to Krista Bessinger. Please go ahead, ma'am.

Company Representative

Good afternoon everyone and welcome to today's fourth quarter 2007 earnings conference call. With us are Eric Schmidt, Chief Executive Officer; George Reyes, Chief Financial Officer; Larry Page, Founder and President of Products; Sergey Brin, Founder and President of Technology; Jonathan Rosenberg, Senior Vice President of Product Management, and Omid Kordestani, Senior Vice President of Global Sales and Operations. Eric, George, Larry and Sergey will provide their thoughts on the quarter and then Jonathan and Omid will join us for Q&A.

Please note that this call is being webcast on our Investor Relations website. Our press release issued a few minutes few ago was also posted on the website along with the slides that accompanies today's prepared remarks. A replay of this call will also be available on our Investor Relations website in a few hours.

Now let me quickly cover the Safe Harbor statement. Some of the statements we make today may be considered forward-looking, including statements regarding our investments, seasonality, traffic acquisition cost, increase in the cost of sales, international growth, operating margins, growth in headcount and our expected level of capital expenditures. These statements involve a number of risks and uncertainties that could actual results to differ materially. Please note that these forward-looking statements reflect our opinions only as of the date of this presentation and we undertake no obligation to revise or publicly release the results of any revision to these forward-looking statements in light of new information or future events. Please refer to our SEC filings including our quarterly report on Form 10-Q for the quarter ended September 30th, 2007 as well as our earnings press release posted a few minutes ago for a more detailed description of the risk factors that may affect our results. Copies can be obtained from the SEC or by visiting the Investor Relations section of our website.

Also please note that certain financial measures we use on this call such as EPS, net income, operating margin and operating income are expressed on a non-GAAP basis and have been adjusted to exclude charges relating to stock-based compensation. We've also adjusted our net cash provided by operating activities to remove capital expenditures, which we refer to as free cash flow. Our GAAP results and GAAP to non-GAAP reconciliation can be found in our earnings press release on our website.

With that, it's my pleasure to turn the call over to Eric

Amazon.com, Inc (NASDAQ: AMZN)
Fourth Quarter 2007 Financial Results Conference Call
Wednesday, January 30, 2008, 5:00 PM ET

Corporate Participants

Tom Szkutak, Senior Vice President and Chief Financial Officer
Jeffrey P. Bezos, President, Chief Executive Officer and Chairman of the Board

Management Summary

Operator

Good day, everyone, and welcome to the Amazon.com Fourth Quarter 2007 Financial Results teleconference. At this time, all participants are in a listen-only mode. After the presentation, we will conduct a question and answer session. Today's call is being recorded. For opening remarks, I will be turning the conference over to the Vice President of Investor Relations, Mr. Rob Eldridge [ph]. Please go ahead, sir.

Company Representative

Hello, and welcome to our Q4 '07 financial results conference call. Joining us today is Tom Szkutak, our CFO. Jeff Bezos, our Founder and CEO and Tom will both be available for Q&A.

The following discussion and responses to your questions reflect management's views as of today, January 30, 2008 only, and will include forward-looking statements. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is included in today's press release and our filings with the SEC, including our 2006 annual report on Form 10-K. As you listen to today's call, we encourage you to have our press release in front of you, which includes our financial results as well as metrics and commentary on the quarter. During this call, we will discuss certain non-GAAP financial measures, in our press release, slides accompanying this web cast and our filings with the SEC, each of which is posted on our IR website. You will find additional disclosures regarding these non-GAAP measures, including reconciliations of these measures with comparable GAAP measures. Finally, unless otherwise stated, all comparisons in this call will be against our results for the comparable period of 2006. Now, I will turn the call over to Tom.

Yahoo! Inc (NASDAQ: YHOO)
Q4 and Full Year 2007 Earnings Conference Call
Tuesday, January 29, 2008, 5:00 PM ET

Corporate Participants

Jerry Yang, CEO and Chief Yahoo!
Susan Decker, President
Blake Jorgensen, Chief Financial Officer

Management Summary

Operator

Good afternoon, ladies and gentlemen, and welcome to the Yahoo! Fourth Quarter 2007 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded. I'll now turn the call over to Ms. Marta Nichols. Ms. Nichols, you may begin.

Marta Nichols, Investor Relations

Thank you and good afternoon. Welcome to Yahoo!'s fourth quarter earnings conference call. On the call today are members of our executive team, Jerry Yang, Sue Decker and Blake Jorgensen.

Before we begin, I'd like to remind you that matters discussed on this call contain forward-looking statements that involve risks and uncertainties concerning Yahoo!'s expected financial performance, as well as Yahoo!'s strategic and operational plans. Actual results may differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties included among others, the implementation and results of the company's ongoing strategic initiatives, the company's ability to compete with new or existing competitors, reduction in spending by or loss of marketing services customers, the demand by customers for Yahoo!'s premium services, acceptance by users of new products and services and risks related to join ventures and the integration of acquisitions. Other potential factors that could affect the company's business and financial results are included in the company's annual and quarterly reports, which are on file with the SEC. All information discussed on this call is as of today, January 29th, 2008, and Yahoo! does not intend and undertakes no duty to update this information to reflect future events or circumstances.

On the call today, we will discuss some non-GAAP financial measures and talking about the company's performance including operating income before depreciation, amortization and stock-based compensation expense, which will be referred to as operating cash flow, revenue excluding traffic acquisition costs which will be referred to as revenue ex-TAC, free cash flow, non-GAAP net income, and not net income per share. Reconciliations of these non-GAAP measures to the GAAP measures that the company considers most comparable can also be found on our website under Investor Relations. Jerry, Sue and Blake have some prepared remarks; then we'll have a brief Q&A session.

Now, I'd like to turn the call over to Jerry.

Texas Instruments Incorporated (NYSE: TXN)
4Q07/2007 Earnings Conference Call
January 22, 2008 5:30 PM ET

Corporate Participants

Ron Slaymaker, Vice President, Investor Relations
Kevin March, Senior Vice President and Chief Financial Officer

Management Summary

Operator

Good afternoon. My name is Michelle, and I will be your conference operator today. At this time, I would like to welcome everyone to the Texas Instruments Fourth Quarter and 2007 Earnings Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you Mr. Slaymaker, you may begin your conference.

Ron Slaymaker, Vice President, Investor Relations

Good afternoon. Thank you for joining our fourth quarter 2007 earnings conference call. Kevin March, TI's Chief Financial Officer is with me today. For any of you who missed the release, you can find it on our website at ti.com/ir. This call is being broadcast live over the web and can be accessed through TI's website. A replay will be available through the web. This call will include forward-looking statements that involve risk factors that could cause TI's results to differ materially from management's current expectations. We encourage you to review the Safe Harbor statement contained in the earnings release published today as well as TI's most recent SEC filings for a complete description.

Our mid-quarter update to our outlook is scheduled this quarter for March 10th. We expect to narrow or adjust the revenue and earnings guidance ranges as appropriate with this update. In this call, all of our financial results will be described for continuing operations, including historical comparisons, unless otherwise indicated. In today's call, we will try to address the key questions that we believe are on those of your minds. Specifically, we realized that while many of you are excited about the analog opportunity for TI, you are also concerned about top line growth and the impact that changes in the wireless market might have. We will provide some data points and discuss where we are taking our wireless product lines strategically. In addition, many investors frequently ask about profitability and whether our margin goals of 55% gross margin and 30% operating margin are still intact. We'll address our financial goals and our progress toward these goals in this call.

Apple Inc (NASDAQ: AAPL)
Q1 2008 Apple Inc. Earnings Conference Call
January 22, 2008 5:00 PM ET

Corporate Participants

Nancy Paxton, Senior Director, Investor Relations and Corporate Finance
Peter Oppenheimer, Senior Vice President and Chief Financial Officer
Timothy D. Cook, Chief Operating Officer

Management Summary

Operator

Good day are welcome to the Apple Incorporated First Quarter 2008 Quarterly Results Conference Call. Today's call is being recorded. At this time for opening remarks and introductions I would like to turn the conference over to Ms. Nancy Paxton, Senior Director of Investor Relations and Corporate Finance. Please go ahead ma'am.

Nancy Paxton, Senior Director, Investor Relations and Corporate Finance

Thank you. Good afternoon and thanks for joining us. Speaking today is Apple's CFO, Peter Oppenheimer, and he will be joined by Apple's COO Tim Cook and Treasurer Gary Wipfler for the Q&A session with analysts.

Please note that some of the information you will hear during our discussion today may consist of forward-looking statements regarding revenue, gross margins, operating expenses, other income and expense, stock-based compensation expense, taxes and earnings. Actual results or trends could differ materially from our forecast. For more information, please refer to the risk factors discussed in Apple's Form 10-K for 2007 and the Form 8-K filed with the SEC today and the attached press release.

Apple assumes no obligation to update any forward-looking statements or information, which speak as of their respective dates.

With that, I would like to turn the call over to Peter Oppenheimer for introductory remarks.

IBM Corporation (NYSE: IBM)
Q4 2007 IBM Corporation Earnings Conference Call
January 17, 2008 4:30 PM ET

Corporate Participants

Patricia Murphy, Vice President, Investor Relations
Mark Loughridge, Senior Vice President and Chief Financial Officer


Management Summary

Operator

At this time, all participants are in a listen-only mode. Today's conference is being recorded. If you have any objections you may disconnect at this time. Now, I will turn the meeting over to Ms. Patricia Murphy, Vice President of Investor Relations. Ma'am you may begin.

Patricia Murphy, Vice President, Investor Relations

Thank you. This is Patricia Murphy, Vice President of Investor Relations for IBM. I'm here with Mark Loughridge, IBM's Senior Vice President and Chief Financial Officer. Thank you for joining our fourth quarter earnings presentation. By now, the opening page of the presentation should have automatically loaded, and you should be on the title page. The charts will automatically advance as we move through the presentation. But, if you prefer to manually control the charts, at any time you can un-check the synchronize button on the left of the presentation. The prepared remarks will be available in roughly an hour, and a replay of this webcast will be posted to our Investor Relations website by this time tomorrow.

Our presentation includes certain non-GAAP financial measures, in an effort to provide additional information to investors. All non-GAAP measures have been reconciled to their related GAAP measures in accordance with SEC rules. You will find reconciliation charts at the end, and in the Form 8-K submitted to the SEC.

Let me make one other comment about our presentation this quarter. You may notice that the format has changed from past quarters. In addition to the style changes, we have streamlined a few of the charts, and some of the details that were previously on the segment charts are now in the backup. So the information provided is essentially consistent with the information provided in the past.

Finally, I'd remind you that certain comments made in this presentation may be characterized as forward looking under the Private Securities Litigation Reform Act of 1995. Those statements involve a number of factors that could cause actual results to differ materially. Additional information concerning these factors is contained in the company's filings with the SEC. Copies are available from the SEC, from the IBM web site, or from us in Investor Relations.

Now, I'll turn the call over to Mark Loughridge.

Intel Corporation (NASDAQ: INTC)
Q4 2007 Intel Corporation Earnings Conference Call
January 15, 2008 5:30 PM ET

Corporate Participants

Kevin Sellers, Vice President of Investor Relations
Paul S. Otellini, President and Chief Executive Officer
Stacy J. Smith, Chief Financial Officer

Management Summary

Operator

Good day, ladies and gentlemen, and welcome to the Fourth Quarter 2007 Intel Corporation Earnings Conference Call. My name is Akiea and I will be your operator for today. At this time, all participants are in a listen-only mode. We will be conducting a question and answer session toward the end of the conference. At that time, you can press star one to ask questions - to be placed into the queue. I would now like to turn the presentation over to your host for today's call Mr. Kevin Sellers, Vice President of Investor Relations. Please proceed, sir.

Kevin Sellers, Vice President of Investor Relations

Thank you, Akiea, and welcome everyone to Intel's Q4 2007 earnings conference call. Joining me on today's call are Chief Executive Officer, Paul Otellini, and Chief Financial Officer, Stacy Smith. As usual Paul will be discussing the highlights of the quarter and the year and Stacey will then provide more details on our financial performance in Q4, as well as the business outlook for the first quarter and full-year 2008. Following Stacey's comments, we will be happy to take questions.