We are hopeful that the company will lay out more conservative guidance for 2002 as a means to rebuild credibility with investors.
More Quotes from Holly Becker:
Yahoo is embarking on a major transformation. The company must now prove that online advertising is cost effective and integral to the marketing mix of traditional advertisers.Holly Becker
Furthermore, eBay -- which has held up relatively well versus other leading Internet companies -- has little valuation support.
Holly Becker
Even after the recent decline, the stock appears rich at 36 times 2001 revenue and 150 times earnings. We remain cautious on Yahoo shares in front of several potentially low single-digit growth quarters.
Holly Becker
The company must now prove that online advertising is cost effective and integral to the marketing mix of traditional advertisers. There is an expectation that after six to nine months of calling on traditional advertisers, dollars will come pouring in. Our research suggests that turning 'toe-dipping' budgets into real dollars may take over two years.
Holly Becker
While they have made impressive progress, we believe that the sales cycle can be as long as two years given the inertia inherent in many large marketing organizations.
Holly Becker
The tone of the conference call was quite cautious. Coupled with a revised outlook on sales and marketing expenditures, it suggests that a re-acceleration of revenue growth will only come at the cost of earnings.
Holly Becker
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