Yahoo! raised its sales guidance for the third quarter and full year but the low end of the new ranges are slightly lower than current consensus estimates. Yahoo! said that it anticipates third-quarter sales to come in between $318 million and $338 million. Analysts are expecting sales of $330 million.
In a research note, Blaylock & Partners analyst Mark Zadell said that Yahoo! would need to show Wall Street that it could post strong sequential sales gains in order to justify its lofty valuation of more than 100 times 2003 earnings estimates. But based on Yahoo's new sales range, the company is calling for a revenue increase of, at best, 5.2 percent from the second quarter.
For the full year, Yahoo! forecast sales to be in a range of $1.26 billion-to-$1.31 billion. The Wall Street consensus is for revenue of $1.28 billion.
Yahoo! did not give targets for net income but did raise its operating cash flow target for 2003 to a range of $375 million-to-$400 million. Prior guidance called for a range of $350 million-to-$380 million.
Analysts expect Yahoo! to report earnings of 9 cents per share in the third quarter and 35 cents per share for the full year.
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