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In what could be its last quarterly release, Yahoo disappointed on earnings

Net income dropped further than an already dropping expectation.

Stephen Lam/Getty Images

Yahoo said it earned nine cents a share today in its second quarter, which was a miss of already weak expectations. Wall Street had expected Yahoo to earn 10 cents a share on $1.08 billion in the quarter, down from 16 cents a year ago.

Revenue was up, though, to $1.3 billion. Display revenue and search revenue was down overall.

Changes in presentation also made revenue look better and without that, Yahoo revenues actually declined 15 percent. The Silicon Valley internet giant said it sold more than $200 million of real estate (which you cannot sell again).

Overall, a portrait of a dying business.

Does anyone care? No. That’s because the only thing that matters is the status of Yahoo’s sale.

On the call at 2:30 pm PT, investors will be listening closely to what CEO Marissa Mayer and CFO Ken Goldman say about that sale process for the core business. It is now in the final stretch as bidders like Verizon, Quicken Loans and several private equity players offer about $4 billion for the company minus its lucrative Asian assets.

How those stakes, in China’s Alibaba Group and Yahoo Japan, are distributed will also be a big question, as well as what Yahoo will do with its patents and the rest of its real estate portfolio.

Yes, step right up! It’s all for sale at one of the internet’s most iconic companies.

Still, Mayer was not giving up. "With the lowest cost structure and headcount in a decade, we continue to make solid progress against our 2016 plan," she said in a statement. "Through disciplined expense management and focused execution, we delivered Q2 results that met guidance across the board and in some areas exceeded it."

Met weak guidance, that is, except not even that.

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