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We've boiled Citi analyst Mark Mahaney's expectations for Yahoo's earnings report later today down to three bullet points:

  • Yahoo reports Q1 revenues greater than $1.32 billion and projects Q2 revenues above $1.37 billion: Good
  • Q1 revenues between $1.3 billion and $1.32 billion: OK
  • Q1 revenues below $1.3 billion: Mr. Ballmer takes two sugars, no cream, Jerry.

(Photo by jhritz)