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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: Bill Harmond who wrote (2293)	10/31/1997 7:09:00 PM
From: TLindt	Respond to of 27307

BTW...............I'm not short this stock...........but the activity this past week calls for a little reason..........and to tout that 3 million in revenue difference for 2 billion insults my thinking.......

To: Bill Harmond who wrote (2293)	10/31/1997 7:49:00 PM
From: Bill Wexler	Read Replies (2) \| Respond to of 27307

<<Using the last x quarters of Yahoo earnings means nothing.>> Really? When do earnings begin to mean something? You're partially right. Earnings don't mean anything to a momentum investor. The rest of us enjoy seeing some return on our money. Now explain the following: Why would I buy Yahoo for $2.2 billion right now? Let's take a three year time frame. If I put the money in a savings account, at the end of those three years, I will have $2.2 billion + about $300 million in interest. Now considering that Yahoo has a $21 million deficit moving forward, what makes you think that this company is a better investment than the savings account? Perhaps if Yahoo had about $300 - 400M in revenues RIGHT NOW, and about $50 milllion in real net profits RIGHT NOW, and the business model was proving itself and growth was strong....I MIGHT understand paying this.

To: Bill Harmond who wrote (2293)	10/31/1997 8:08:00 PM
From: Bill Wexler	Read Replies (3) \| Respond to of 27307

<<You need to watch these categorical statements like advertising rates are declining. There are alot of lurkers here.>> From the 10-Q: [The Company's revenues are derived principally from the sale of advertisements on short-term contracts. The Company's standard rates for advertising currently range from $0.02 per impression for general rotation to $0.08 per impression for highly targeted audiences and properties.] My understanding after talking to a few people who have dealt with Yahoo sales...terms for the contracts have become much more favorable recently (i.e. longer terms get *significantly* reduced costs per impression). I'm also concerend about advertiser saturation. How many people can you pack into those little banners? The only real avenues for growth are "directed" advertising and expanding presence through new services (such as 411). However, we still have the problem that there are nearly zero barriers to entry in this business. The comparison to network TV is completely off the mark. On network television you indeed have limited "real estate" and FCC regulation. ANYONE can start a website and sell advertising. By the way, if people are going to judge this company's growth by number of impressions per month, then I suggest gathering up the top 10 web porn providers into one company and then taking it public. If Yahoo can go for $2 billion, then this new company should go for TEN.