Yahoo!'s (NASDAQ: YHOO) second-quarter earnings release, which was issued after the bell on Tuesday, didn't go over so well. Sales declined 13%. Adjusted earnings were 16 cents per share. That means that there was zero per-share profit growth on the bottom line. To add insult to injury, adjusted operating cash flow declined 10%.
In terms of expectations, Reuters is reporting a beat of two pennies based on Yahoo!'s reported income of 10 cents per share. No one really cared. The stock sold off in yesterday's after-hours session, losing over 3% of its value. This was on top of losing 1.5% during the regular trading session. A lot of shares were traded yesterday, too.
Last week it was announced that the long-anticipated 
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