Citigroup analyst Mark Mahaney traces the implications for Google from Yahoo's earnings:
TAC (traffic acquisition costs) and net search revenue grew 5-6% Q/Q for Yahoo! Given that Google has consistently grown faster than Yahoo!, due in part to greater international exposure, and likely enjoyed extra juice this quarter from improved click-thru rates, we believe Google’s Q/Q revenue growth is likely stronger than the Street expects. Per our June quarter preview, we believed that our close-to-Street-high 8% Q/Q revenue growth was likely the Over/Under for the shares. We believe the Over/Under will now move to 9% or 10%.
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