From Citigroup analyst Mark Mahaney's note to clients today:
What does this mean for Google? We viewed Yahoo!’s search results last quarter (September) as positive for Google. It’s the reverse this time. Or at least, the Yahoo! results don’t give us any greater conviction that Google can hit some of the high expectations out there for the quarter. Per our January 6th Large Cap Internet Quarterly Preview, we are modeling 24% Q/Q net revenue growth and could see upside to a high 20’s% Q/Q growth rate.