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In what will probably be a so-so quarter and just over a month after major executive changes, Yahoo! Inc. (NASDAQ: YHOO) is set to release its second quarter earnings tomorrow after the market closes. Earnings per share are expected by industry consensus average to be at $0.11 for the quarter, which would be identical to the year-ago quarter.

Will Yahoo! meet analyst expectations tomorrow afternoon? From most respects, this will be determined by how successful the newer Project Panama keyword bidding system has shaped up to be. This new system, which mimics Google Inc.'s (NASDAQ: GOOG) enormously successful approach, was late to Yahoo! and it remains to be seen if it can significantly boost revenues for the company. This is no easy feat, and although Yahoo! is profitable, it just isn't profitable enough -- especially when compared to Google -- and its lack of focus and vision was a prime reason for the management shakeup.

Yahoo! will survive, although it is doubtful that it will be able to take significant internet search market share from global leader Google. Yes, many companies like Yahoo! and Microsoft Corp. (NASDAQ: MSFT) are making handsome profits from internet-based advertising, but Google has the market cornered for search advertising for now. The analyst Q&A at tomorrow's webcast/conference call should be interesting to say the least. Check back here at that time, as I'll be live-blogging Yahoo!'s Q2 call right here at BloggingStocks.

Yahoo! Q2 earnings preview originally appeared on BloggingStocks on Mon, 16 Jul 2007 12:20:00 EST. Please see our terms for use of feeds.

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