All Clowns Must Be Destroyed Message Board

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Pastimes : All Clowns Must Be Destroyed

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To: pater tenebrarum who wrote (1951)	1/11/2000 12:26:00 PM
From: fut_trade	Read Replies (2) of 42523

...if this time there are actually any operating earnings IMO it is impossible to judge the rate of future earnings growth because the earnings the last few quarters are but a tiny fraction of the revenues and expenses. You have a difference of two large numbers yielding a number of comparable size to the interest earnings. YHOO has been underreporting EPS the last few quarters (retained earnings?), which I guess can be added to a future earnings report should it be necessary. I also noticed that they have been adjusting past 10-Q and 10-K filings over the past six months (I think the SEC passed new, tougher reporting guidelines) so they now have negative operating earnings in 1997- early 1998. I think they were able to hide development expenses in the early days one way or another. One thing I think is funny is that Softbank (which had a 34% stake in YHOO at one point) sold a chunk of YHOO shares in early 1998, and then bought more YHOO shares back a few months later through a private placement -- which is almost the same as YHOO having a secondary public offering. I'm sure there are a number of other tricks they have broke new ground with.

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