Airbnb, the San Francisco online vacation rentals start-up, said it has hired a key former Yahoo lawyer, Belinda Johnson, as its new general counsel.

The legal issues at Airbnb are both interesting and challenging, all around the new arena of global sharing or, as the company calls it, “collaborative consumption.”

Johnson is one of several recent major hires by Airbnb, which has been adding more seasoned execs to its team of late. Other recent key Airbnb hires include Monroe Labouisse as head of trust and safety and customer service, and Vivek Wagle as head of content.

Johnson left Yahoo several months ago as its deputy general counsel, after a long tenure there working on a wide variety of issues.

Among other things, she oversaw legal strategy for Yahoo’s global products, and worked on deals like its search and advertising alliance with Microsoft. Johnson came to Yahoo from its Web 1.0 acquisition of Broadcast.com, where she had served as general counsel.

She attended both college and law school at the University of Texas.

Jared Grusd, AOL’s SVP of business development and chief of strategy, is leaving the New York Internet giant to work at Spotify, according to sources close to the situation.

At AOL, according to his bio, Grusd “oversees the organization responsible for all domestic and international strategic partnerships and commercial alliances for AOL and each of its operating units. He is also responsible for identifying and evaluating new corporate strategies and opportunities for the company.”

The marathon fiend and former Google exec — who held top legal-deal jobs there — also serves on AOL’s Executive Management Team.

It is not clear what the well-respected Grusd will be doing at the online music service, which has been expanding its executive ranks as it has moved aggressively into the U.S. market. But sources said it was a high-level position in New York.

Spotify recently hired former Clear Channel exec Gerrit Meier as GM of distribution and partnerships, reporting to U.S. head Ken Parks.

Spotify also just scooped up former AOL sales head Jeff Levick — another Google alum — as its chief advertising officer.

The departure of Grusd further thins out the exec ranks at AOL, which is still mired in a turnaround under the leadership of CEO Tim Armstrong (yes, he too is a former Googler!).

I lobbed a query into AOL PR for comment, and am awaiting news of my news.

With the $12.5 billion purchase of Motorola Mobility, the iconic but struggling maker of mobile devices, Google has put a huge stake in the ground in this highly competitive market and thereby shaken up the entire ecosystem.

A lot of this is about patents, as Google CEO Larry Page said in his blog post about the megadeal this morning, and about acquiring a bigger portfolio that Google has long sought for its Android mobile operating system and has been unsuccessful at getting for itself, despite onerous efforts. Since Motorola has been in the mobile arena for so long, it has a large trove of important ones.

But the dramatic acquisition by Google is also a declaration that mobile is more important to it than the skein of alliances it has built for Android with phone makers worldwide, as part of its objective of making it the dominant mobile platform for smartphones and tablets globally.

While Google has been reaching out to other hardware partners to assure them, and has said they all will remain the same in Android-land, the large mobile manufacturers who have placed their trust in Google — especially Samsung or HTC — have to be wondering what to do now.

Make no mistake — they already resent Google from time to time, the way Compaq or Dell has resented Microsoft in the PC business.

But, since Google already showed favoritism to Motorola by letting them do the first Honeycomb tablet, the Xoom (although it didn’t do any good), that discomfort will only increase now.

While Google managed to get them into lockstep on today’s announcement, with a whole Web page titled “Quotes From Android Partners,” each of them using the exact same phrase “defending Android” in their quotes feels a little like they are victims of Stockholm syndrome.

Yes, we concur with everything the Borg tells us to! Defending! Android! We’re Droids too! (Calling Patty Hearst, stat!)

The impact on everyone — from Microsoft and its partner Nokia to Apple to Research In Motion and, also, to all the wireless carriers — will be felt immediately.

And, of course, by government regulators, who have watched warily as Google has marched into business after adjacent business to its core search one.

This deal — which will require approval — is sure to even further put all of Google’s businesses in the crosshairs of rivals, who will agitate for fervent investigations.

While Android has been conceived at Google and has an “autonomous unit” with the company — run by longtime mobile vet Andy Rubin — it has now entered a new and perhaps dangerous phase for all involved, including Google.

Because while such a union is not uncommon in the mobile business — Apple and RIM do software and hardware together and Google has released its own Nexus phone (made by others) — no one has done it via acquisition and in such a definitive way.

And what an acquisition it is. Or, perhaps more accurately, could be.

Please see this disclosure related to me and Google.

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• Watch Google Android Kingpin — and Motorola Acquirer — Andy Rubin Unplugged (Video)
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(Image courtesy of the United States Department of Energy)

In the ongoing talent drain at Yahoo, longtime Yahoo search veteran Chi-Chao Chang (pictured right) is the next to swirl away from the Internet giant.

Chang was VP and GM of the global search business at Yahoo and has been at the company since 1999.

More importantly, he has been a key exec in Yahoo’s troubled search alliance with Microsoft, so there’s another plus for Yahoo (and by plus, I mean minus). It is not clear where Chang is headed.

On his LinkedIn profile, Chang described his job thus:

“I am responsible for Yahoo’s global search operations and marketplace, and am the executive manager of the Microsoft Search Alliance for the US/CA marketplace. My team runs in-region operations and marketplace analysis for Americas, Asia and Europe.”

But that’s not all today!

Also departing Yahoo is a top PR exec, May Petry (pictured left). She has held a number of different communications jobs at Yahoo over the years, including for its Connected Life unit, corporate and, most recently, for its Americas unit. Petry, who has previously worked at BEA Systems and Sun Microsystems, will head to Hewlett-Packard to run PR for its webOs unit.

(Note to May: I am just as interested in that action-packed business, so get ready!)

I contacted Yahoo for a comment (but let’s just assume I am right, because I am).

BoomTown was looking over Victoria Harbour in Hong Kong as I blogged the conference call after Yahoo released its fourth-quarter earnings after markets closed today.

It’s pretty! But Yahoo’s revenue growth–still, not so much.

Let’s begin:

2:02 pm PT: Yahoo turned in earnings that were slightly better than expected, although no big shakes either, so the call was likely to sound exactly like the last several quarterly calls.

Bingo! We’re trying! It’s encouraging! You’ll see!

In fact, “encouraging” was just the word that CEO Carol Bartz used as she tried to focus on a doubling of operating income, operating margin and earnings per share.

Impressive, the revenue at Yahoo is still stubbornly not moving, which the company continued to attribute to the new search and online advertising partnership with Microsoft.

“This is all part of our plan to turn Yahoo around,” said Bartz, who added a new buzzword, “personalized content,” to its offerings.

She turned the call over to Yahoo CFO Tim Morse, who ran through the numbers, which pretty much came down to this: Display advertising up 16 percent from last year, while search revenue dropped 18 percent.

As in previous quarters, Morse talked about how “headwinds” will soon lessen and it will be smooth sailing for Yahoo ahead.

After the stormy seas of recent years, that would be nice, since investors have gotten pretty seasick owning Yahoo shares.

Morse offered that, “while there is still much to do, we are still executing well against our plan” and went on about how good things are.

Finally, we have a “unified purpose,” which he characterized as personalized content too.

It’s a nice new catchword for Yahoo, and I liked Morse’s strong tone and gumption, which for an accountant was like hollering.

His big Achilles’ heel: The revenues projections ahead remain soft.

2:24 pm: Back to Bartz, who focused on the future success of the Microsoft advertising alliance and also Yahoo’s leadership in display advertising.

She listed some big offline brands, such as Wal-Mart and Macy’s, noting when looking for online ads, “That’s right, they all came to Yahoo.”

Bartz moved on to its stake in China’s Alibaba Group and noted it was a “great investment with a bright future.” Translation: We are not selling for now.

But noting its investment in Yahoo! Japan, Bartz had a slightly different take, mentioning talks to “unlock” the value of the stake. Translation: Maybe we’ll sell if we can figure out how not to pay all those taxes.

Bartz did the same with all of Yahoo properties, putting a sunny spin on what is still a turnaround situation.

It’s a good strategy, but it is one that is starting to sound like a broken record, especially when Google, Facebook and others seem to be like a house on fire.

2:35 pm: Now on to Q&A, in which Wall Street analysts ask softball questions of executives.

And so they do, asking queries that include small details about its operating margin, questions on tiny changes in numbers due to accounting changes. And very little about larger strategy.

You can read about this stuff in the press release, but whatever.

I am thinking of starting an investment bank, so I can jump in on these calls and ask some questions that have actual substance.

The United Bank of Swisher? Goldman Sucks?

Ooh, I was wrong, because one analyst asked a good one about possible future layoffs.

Bartz noted the company would be adding people, um, after laying some employees off.

It’s all about “re-allocating” staff, which Yahoo did earlier today by laying off one percent of its workforce, after an earlier four-percent cut.

Next, a question about search share, with Morse noting there will be search volume growth in the future.

Big message: We are in this to grow the share.

Except it has not been growing, as the last several months of surveys of search share have shown.

But Bartz firmly declared: “We’ll be up” in 2011.

A question focused in on mobile, and Bartz pointed out that Yahoo had the disadvantage of not having a mobile operating system such as Google does with Android.

Good point!

2:59 pm: Another terrific analyst comment about the disconnect between the execs encouraging comments and the actual financials, which show a downturn in, yes, revenue.

It is exactly the point here, which Yahoo has been trying to spin. Morse went through the list of excuses, from bumpiness of the search transition to weakness in affiliate sales to whatever.

Bartz jumped in and blamed the search alliance again, noting that moving advertisers over to the new platform was hard to do.

“I will not back down on the fact that we are gaining momentum,” said Bartz about search. “There is a lot going on here.”

Morse chimed in, noting he was the one using “gaining momentum” in his script. “I really believe that,” he said, going through the terrific plans.

“You’re correct the top line is not showing that yet,” said Morse in an increasingly loud voice. “There’s an awful lot there to be optimistic about.”

The accountant that roared.

Encouraging.

But then came the last question about the growth of Facebook, the Silicon Valley social networking phenom that is clearly going to be Yahoo’s biggest rival over the next years.

Bartz acknowledged Facebook’s explosive growth, but declared the company more compatible than competitive.

“There’s room for everybody here,” she said.

Presumably, that’s the hope for Yahoo.

(Also, you can see a slide deck of the financials here.)

Which is intriguing.

Because while companies do sometimes ally to pool patent rights, this seems an…unusual alliance. Why are these patents–which presumably cover networking, virtualization and data center technologies–important enough that Microsoft, EMC, Oracle and Apple would create an LLC to acquire and cross-license them? That’s not entirely clear, though a source inside one of the four companies tells me it was essentially an alliance of convenience.

“We get to buy in at a cheap price and get a license to a very valuable portfolio,” a source inside one of the four companies told me. “It’s cheap defensive insurance.”

In fact, a lot of the real workers have been toiling away, and one new big result is that Microsoft’s adCenter is now officially powering 100 percent of paid search on the Silicon Valley Internet giant’s owned-and-operated properties and its publisher network in the U.S. and Canada.

According to the companies, that means marketers can now use one account for their search advertising campaigns across both the Microsoft Bing service and Yahoo.

Yahoo and Microsoft–which are attempting to combine their share of the search marketplace to better compete with behemoth Google via a partnership–have already completed algorithmic search integration.

In the U.S., that’s 163 million searchers on Yahoo and Microsoft, as well as 15 million searchers in Canada.

Thus, the pair are as tight as ticks–kind of like the JWoww and Snooki of search!

Time for a fist pump, Yahoo CEO Carol Bartz and Microsoft CEO Steve Ballmer!

“We’re very proud of this latest achievement with the search alliance which signifies a seminal step in Yahoo!’s search history,” said Chi-Chao Chang, Yahoo’s VP and GM for the global search business, in a statement. “Now that the back end work is done, Yahoo! will be able to focus on achieving the long-term goals of the alliance that will benefit consumers, advertisers and publishers alike.”

Here we go with the Yahoo third-quarter earnings call starring CEO Carol Bartz, who has some–in the immortal words of Ricky Ricardo–‘splaining to do.

Yahoo turned in a much-needed solid quarterly earnings report, with slightly better-than-expected earnings, although still weak revenue.

Of course, there are all the takeover rumors, the exec departures and fights with partners such as China’s Alibaba Group.

2 pm PT: First on is the lovely investor relations lady, Marta, saying stuff I never pay attention to.

But Bartz came on right away and she sounded subdued and very much on script.

Good idea!

She began by explaining what she has been up to and–once again with feeling–exactly what Yahoo is.

“The key words are innovative, content, media and communications,” she stressed.

Technology is all well and good, but Yahoo is the “largest digital media, content and communications company.”

She also briefly addressed the departure of execs: “Some people leave, some get promoted and some good people arrive.”

Well, you could put such turmoil that matter-of-factly, I suppose.

Bartz then asked the question: “What have we done to re-engineer Yahoo?”

She reeled off a list she has repeated many times before, the point of which was to let us all know she has been mighty busy cleaning up the big mess she had to deal with on arrival.

So lay off, all you naysayers! It’s kind of like what President Barack Obama is saying these days, as he looks forward to huge political losses in the upcoming election.

It’s apparently a disciplined approach. “First you walk, then you run.” Then, she added, you FLY!

Don’t look down, Carol!

She promised to talk about what’s on all our minds–as in the takeover swirl related to AOL, News Corp. and a passel of private equity moneybags circling Yahoo.

2:15 pm: Time for the numbers from CFO Tim Morse, which you can see here.

He was much jauntier than usual. I wonder if that was in the script. Smile with your voice, Tim!

I mostly did not listen to this spiel, as it was a recount of the numbers I already read. But there are some nuggets.

Apparently, for example, revenue for owned and operated search is down because users are clicking on the really good new results from the Microsoft algorithmic search transition, so they are not clicking on paid search as much.

Hmmm….I wonder what happens when they get great.

Then it was on to earnings and stock repurchases, designed to goose the shares, which Yahoo considers undervalued.

So do investors.

Next, he moved on to the outlook, which was weak.

And Morse also noted the uncertainty that has to do with the search and online advertising alliance transition. “Caution is warranted,” said Morse.

“We’re pleased with our third-quarter results,” summarized Morse, seemingly ignoring the revenue issue.

2:31 pm: Bartz was then back on discussing the search alliance and the rocky relationship with China’s Alibaba Group. Rocky is my word and actually is also Alibaba’s.

At least all is well with Microsoft, Yahoo’s one-time nemesis.

It has been a big transition, of course, Bartz noted. Indeed.

Then Bartz went out of her way in praising Alibaba CEO Jack Ma, whom many sources said she has treated shabbily in the past.

It is “a good productive business relationship,” said Bartz.

Other than that, she politely suggested we all butt out of what Yahoo is going to do with the asset, a 29 percent stake of Alibaba.com worth $3.1 billion, according to the company.

Finally, Bartz said Yahoo had “potential” and promised a payoff to shareholders in the months ahead.

That would be nice.

2:38 pm: Time for Q&A.

The first question was about the search revenue growth. Soon!

The next was about search revenue and display advertising and a left-field query on engagement on smartphones.

Same answer, and also people will use Yahoo on any screen.

Next question was on display growth. Same answer.

Will any of these analysts ask the good questions about takeover rumors and other thorny management issues?

Wait, finally there came a sheepish request for clarification about the rumors–well, they are real, so realmors–about takeover plans by private equity folks, along with AOL’s Tim Armstrong.

“As tempting as it is to tell you what I really think, you know I can’t comment,” said Bartz, who really sounded like she wanted to comment.

Give in, Carol! In the words of Oscar Wilde, which is BoomTown’s operating motto: “I can resist everything except temptation.”

Nope, she will not utter a word about “hypothetical this and hypothetical that.”

Instead, the boilerplate: “We like our strategy, we like our progress, and that’s what we’re focused on.”

Next, more questions about revenue weakness. Bartz blamed it all on the drag of search revenue. “The main drag on our growth has been search revenue,” she noted.

She said it will get better once the whole transition kicks in.

Bartz did sound convincing, especially when she noted it was part of a six-year trend in decline in search. By the end of 2011, she promised, it will all be different.

But, in the immortal words of Clint Eastwood in “Dirty Harry”: “You’ve got to ask yourself one question: Do I feel lucky? Well, do ya, punk?”

Now, a question about a “bloated” work force. Yahoo employee count is up seven percent, although costs are down 12 percent.

Morse: “No, we’re not bloated.”

Bartz took a question about competition in the display market, as in Yahoo is going to get smacked by rivals, such as Google.

“There is always competition and competition only makes us better,” said Bartz. “We’re running very fast and not going to give up this leadership in display very easily.”

Given Google’s inroads here, she better run faster than the Road Runner.

The last question was about monetization of mobile.

Lots of pretty, empty words from Bartz, especially since Yahoo does not have a really competitive offering compared to Google and Apple.

It should be added that both Google and Apple smoked it in terms of revenue growth in their quarterly earnings this week.

Also, I hear that Facebook social networking site is growing pretty quickly.

And it ended, with nary a decent question from Wall Street analysts about the clear turmoil at the long-troubled Silicon Valley icon and answers about what Bartz is going to do to address it.

The media is in listen-only mode for these calls, which is a shame, since I for one would love to listen to what Bartz has to say.

I know you’re busy and all, Carol, but perhaps you can talk over dinner soon?

As BoomTown reported earlier today, Yahoo Japan confirmed it would switch its search technology and paid search provider to Google from Yahoo.

The move is a definite blow to Yahoo’s new search and advertising alliance with Microsoft (MSFT), although Yahoo (YHOO) sought to minimize the damage in a statement (which you can read below in its entirety).

But make no mistake, given the huge Japanese market: It’s Googzilla totally wiping the floor with MicroHooSoftra.

While it might seem unusual that Yahoo Japan will be using Google’s search, the company is not actually owned by Yahoo, which holds a 35 percent stake.

SoftBank Corp., the giant Japan-based Internet service provider and cell phone provider, has a stake of around 40 percent in Yahoo Japan.

Both SoftBank Founder Masayoshi Son–one of the first key investors in Yahoo–and Yahoo co-founder Jerry Yang sit on the board of Yahoo Japan, which is operated independently as a separate publicly traded company run by President and CEO Masahiro Inoue.

Now that Yahoo Japan and Google (GOOG) have announced their engagement–in a statement at the time of Yahoo Japan’s first-quarter earnings announcement–it is certain that Microsoft will move to stop deal from gaining regulatory approval in Japan, even though a Google spokesman told BoomTown it had already consulted the proper authorities in Japan and had gotten no objections.

Still, I would not expect Microsoft to settle for that, and it is likely to do some lobbying
much as it did successfully when Google tried to enter into a similar deal with Yahoo itself in the U.S. in 2008.

That deal failed after government opposition to the creation of a near-monopoly in search in the U.S. became clear.

In Japan the combination is even worse, with the pair controlling almost the entire market share of search there, both paid and algorithmic.

In search query volume, according to one recent report, Yahoo Japan currently has just over a 53 percent share of the search market and Google has just over 38 percent.

Other polls differ, but it all spells an overwhelming and definite monopoly when combined.

Coincidentally, Bing just entered the Japan market with its branded search, but it has only a small share there of almost three percent.

The same market share among the big players holds in paid search too, with Yahoo Japan and Google controlling almost the whole thing between them.

Maintaining a modicum of competition in Japan was Yahoo’s to lose. And lose it did.

After Yahoo and Microsoft struck their wide-ranging search and online advertising partnership last year, Yahoo Japan–which now uses Yahoo technology for algorithmic and paid search–was then free to pick whatever search service it wanted.

Most expected it to use Microsoft’s Bing technology, which will be powering Yahoo in the U.S. by the end of the year, as well as in many other countries where Yahoo operates.

But, because Yahoo Japan is its own entity, any such deal needed to be negotiated among the parties, putting Yahoo Japan in play, much as if it were AOL (AOL) or News Corp. (NWS) unit MySpace in the U.S.

Investors are sure to ask what Yahoo management was doing as the Google effort took shape.

Those efforts obviously paid off, despite a declaration by Yahoo Japan’s Inoue in an January interview with a Japanese news organization that he was not impressed with some other Google services, such as its Street View mapping service.

Thus, the fallout from this is likely to be tough on Yahoo and also its nascent search relationship with Microsoft.

Yahoo Japan said the date of the switch was yet to be determined.

Here’s the statement from Yahoo on the changeover:

Yahoo! Japan announced that it has chosen to implement Google as its backend algorithmic search engine and paid search infrastructure. Yahoo! Japan made this decision as an independent and separate publicly traded company, in which Yahoo! holds a 35% equity interest. We amended our agreement with Yahoo! Japan as a result of this decision, and we do not anticipate that this amendment will have a material financial impact on our revenues. We will provide support, as required by our agreement, for the search experience Yahoo! Japan has chosen for its business, and we will continue to partner closely with Yahoo! Japan in other areas including mail, messenger, mobile, our content properties and more.

This decision by Yahoo! Japan does not impact the global rollout and implementation of the Yahoo! search alliance with Microsoft, except in the Japanese market. We remain confident in our transition plans for the search alliance, are driving innovation in the user experience around search on the Yahoo! network, and continue to be committed to our alliance with Microsoft.

In what would be a stunning blow to the massive search alliance between Microsoft and Yahoo, Google is apparently zeroing in on a deal to grab the algorithmic search business for Yahoo Japan, said several sources.

The agreement between Yahoo Japan and the U.S. search giant could be announced as early as today in Japan, sources said, and could be part of a larger deal between the two companies around mobile or other products.

Financial terms of such a deal were unclear.

News of the deal could come when Yahoo Japan announces its financial results at 3:10 pm Japan time on July 27, which is 11:10 pm PT today.

If Google (GOOG) and Yahoo Japan join together, the pair will control almost the entire market share of search in the Japanese market. It is not clear whether or not paid search is part of this deal at this time.

But in search query volume, Yahoo Japan currently has just over a 53 percent share of the search market and Google has just over 38 percent.

It is a monopoly in comparison to Microsoft, which has almost a three percent share.

Yahoo Japan is not actually owned by Yahoo, which holds a 35 percent stake. SoftBank Corp. has a stake of around 40 percent.

Both SoftBank Founder Masayoshi Son–one of the first key investors in Yahoo–and Yahoo co-founder Jerry Yang sit on the board of Yahoo Japan, which is operated independently and run by President and CEO Masahiro Inoue.

When Yahoo (YHOO) and Microsoft (MSFT) struck their wide-ranging search and online advertising partnership last year, Yahoo Japan–which now uses Yahoo technology for algorithmic search–was free to pick whatever search service it wanted.

That meant it was not obligated to use Microsoft’s Bing technology, which will be powering Yahoo in the U.S. by the end of the year, as well as in many other countries where Yahoo operates.

But, because Yahoo Japan is its own entity, any such deal was to be negotiated among the parties, putting Yahoo Japan in play, much as if it were AOL (AOL) or News Corp. (NWS) unit MySpace in the U.S.

Both those companies signed search deals with Google–and both are also now up for renewal.

Coincidentally, Bing just entered the Japan market with its branded search, but it has only a small share there.

And, ironically, Yahoo Japan’s Inoue said in an interview in January with a Japanese news organization that he was not impressed with some other Google services, such as its Street View mapping service.

In any case, if Yahoo Japan and Google do buddy up, it’s clear that Microsoft will likely try to block the deal from gaining regulatory approval in Japan, much in the same way it did successfully when Google tried to enter into a deal with Yahoo in the U.S. in 2008.

That deal crashed and burned after government opposition became evident.

It will also be interesting to see which search technology the Alibaba Group, which owns Yahoo’s name in China and of which Yahoo itself owns 40 percent, will select or if it will do search on its own.

Like Yahoo Japan, Alibaba–which is using Yahoo’s search and email technology now–is also not obligated to switch to Bing when Yahoo does. Such a deal is also subject to negotiation.

That said, Google’s relations with China remain tense, which could play a role in any talks with Alibaba.

Emails and calls to spokespeople at Yahoo, Yahoo Japan and SoftBank seeking confirmation were not returned as yet. Microsoft declined to comment.

After announcing its second-quarter earnings this afternoon after the markets closed, Yahoo (YHOO) CEO Carol Bartz and CFO Tim Morse held the usual conference call.

The results: Net income and margins were up at the Silicon Valley Internet giant, while revenue was meh. Display advertising growth was up, while search ad revenue was down.

Revenue and worries about future direction turned out to be the questions of the day.

2:03 pm PT: While she touted the improved margins with a confident tone, a nice accomplishment, Bartz quickly pointed out the obvious on revenue weakness.

She blamed a combo of issues, such as not monetizing search-share improvements.

“How do we measure our business?” asked Bartz, in her financial soliloquy. Another laundry list of stuff, such as engagement, editorial expertise and scale.

Then it was off to the races with updates on Yahoo’s social, local, video and mobile improvements.

That would be things such as integration with social networking powerhouse Facebook and online gaming phenom Zynga, more video all over the site and other initiatives to spur consumer engagement.

Bartz’s faves are the “Bikini 101″ videos, she said, which apparently get you ready for the summer season.

BoomTown last wore a bikini in 1974.

2:12 pm PT: Morse came on and started going over the numbers.

Yay on costs and margins. Not-so-yay on revenue growth.

You get the picture. Morse had some excuses, all of which seemed reasonable, including a pullback of advertisers in July.

More numbers on the savings from the Microsoft (MSFT) search and advertising alliance, tax issues, guidance, cash status and more.

I like listening to Morse, who always sounds super-competent. But he completely bores my assistant, Ed, just like other CFOs he is subjected to in earnings season, since I blast these calls on my computer’s speakers.

Sorry, Tim!

2:27 pm PT: Bartz was back and talking about display advertising and how Yahoo is working on all kinds of new schemes to improve advertiser experience, as well as to engage consumers more.

Onto search, which has long been Yahoo’s Achilles heel, no matter how Bartz spins it. Revenue per search is down and has been, which is a problem.

“As for search, we remain focused on growing our search business,” she said firmly. We’ll see about that after a year into the deal with Microsoft.

She touched on the controversy around contextual search being counted on comScore (SCOR) and dismissed it–although we will see how that turns out!

Then Bartz gave an update on the Microsoft alliance transition. Nothing new here, and the hope is that it will begin to take place by the end of the year, but only if it can be done with “quality.”

Bartz then touted Yahoo’s performance related to delivering information on the World Cup soccer, which she should as the company’s media arm did a bang-up job.

More on improvements in development and innovation, although it was a little light on deep examples.

Bartz summed up by again mentioning margin improvements, which was a good idea, and then moved onto Q&A.

2:38 pm PT: First question is about revenue lag, natch.

Bartz noted that customers’ marketing budgets are “easy to turn on and off.” The perils of the ad market! But, she said, she felt it was more of an overall market issues, rather than Yahoo-specific.

The next question was about page-view decline. Are these Wall Street analysts actually doing their job?

Morse answered that page views might not be all that anymore, since consumer use of Web technologies has changed.

“What we are trying to do is move toward a more holistic view,” he said.

But he admitted, “It is honestly a bit of a surprise.” Say what?!?

The next question was more on display advertising revenue drop-off and inquired about whether it impacted search.

Bartz said she thought it was because of those nagging on-off switches marketers can use!

The next question was about revenue pick-up on bucket tests of new system with Microsoft and, again, more on where the weakness in revenue is located.

“I will tell you we are pleased with it,” said Bartz coyly about the Microsoft test results.

As to revenue slowdown: No specific category and it was those big knob-turning customers.

More on cost-cutting and advertising revenue, which were essentially the same question over and over.

It is the right question, too.

At one point, Bartz talked about redefining advertiser expectations and how targeting was a better way to get to consumers.

Actually, it is pretty much about that old sales mantra of ABC: Always Be Closing!

More shuffling the papers about what was going on and what was coming next. Bartz noted that consumer confidence is “really weird now.”

Then there was a question about this “science, art and scale” motto that Yahoo has been using and calling SAS for short (internally, many move the letters around to make a naughty word).

The larger point, said Bartz, was that Yahoo is one of the new places that can deliver big results to advertisers in an unusual and engaging way.

True enough, which begs the question again: So what’s with these weak revenues? And, of course, what is Bartz going to do about it?

If you did not have the fortitude to listen to Yahoo’s annual investor day, which took place much of today at its Silicon Valley HQ, you can read all about it in the five detailed decks presented by top execs.

For your viewing pleasure, BoomTown has embedded them all below, so you too can pretend you are a gullible, oops, canny, Wall Street analyst or institutional investor and start formulating some theories about the future of Yahoo (YHOO).

To its credit, what I heard of the presentation–by phone, since the media were barred from the event itself and the video was messed up–was pretty well done, if a little too kitchen-sinky (as in, here’s everything!).

The day did feature sharp performances from peppy new Chief Products Officer Blake Irving (he voted with his feet, apparently, by coming to Yahoo) and head social dude Cody Simms.

Here are Irving’s slides on products, as well as slides from Scott Burke, VP of Data and Analytics, with the numbers; Mark Morrissey, SVP of Search Alliance Transition, on the nascent partnership deal with Microsoft (MSFT); Hilary Schneider, EVP of Yahoo Americas, on advertising; and Tim Morse, CFO, on moolah.

Enjoy:

Blake Irving

Scott Burke

Mark Morrissey

Hilary Schneider

Tim Morse

BoomTown liveblogged Yahoo’s first-quarter earnings call with analysts today, which started at 2 pm PT.

Earlier today, Yahoo said its net income spiked to $310 million, or 22 cents a share, in the period.

Revenue, after subtracting what Yahoo (YHOO) pays in advertising commissions, was $1.13 billion.

Wall Street was expecting earnings of nine cents per share and net revenue of $1.17 billion.

Here we go:

2:02 pm PT: Investor lady said stuff. But, yay, Yahoo CEO Carol Bartz was on the call, so–not that I don’t enjoy CFO Tim Morse, also on the call–it promised to be much livelier.

Bartz got on first and called it a “solid” quarter. Nothing fancy, but pretty accurate.

She quickly turned it over to Morse for the numbers.

It’s all in the charts and slides here, but Morse did stress the importance of the search and advertising partnership with moneybags Microsoft (MSFT).

It is like cost-savings manna from heaven–$78 million in this quarter alone–for Yahoo. In fact, it’s the gift that will keep on giving, noted Morse, although not in those words.

Also, advertising, especially display, is back! Search, not so much. Revenue per search down, share down–a true weakness for the No. 2 search player.

More numbers from Morse, who began to lull me into an afternoon nap, so there was joy on my part when he said: “On a final note…”

Overall, Morse said that things are looking up.

2:21 pm: Bartz is back, noting first that the ad market is looking up and that marketers are looking to get creative with Yahoo’s “digital canvas.”

“Science, art and scale,” said Bartz.

I had no idea Yahoo was Rembrandt!

She used examples of work the Silicon Valley Internet giant is doing with retail giant Walmart (WMT).

Search is not so pretty: “I don’t think it is any secret that we have had a hard row to hoe in search,” Bartz said.

The bad crops metaphor is right!

2:27 pm: Microsoft deal stuff, though Bartz gave few details.

Suddenly, she threw a bit of a tantrum about those who focus too much on Yahoo executive talent, or–actually–the departure of executive talent from the company, which she called “borderline” obsessive.

I think she just took a smack at my reporting and called me the Vincent Van Gogh of the Internet, since All Things Digital breaks most of those stories.

Memo to Carol: I have covered both goings and comings. Did you miss the Blake Irving piece just this week?

And, frankly, when you lose your chief ad sales person and CTO in a month, it’s kind of a big story.

I am a bit obsessed with Yahoo, it is true, but I still have both ears. (Unless Judy comes at me with some scissors for giving you a hard time!)

End of my tantrum.

Bartz then moved onto details about programming and other features at Yahoo–sports, mobile, Facebook integration–and the company’s recent content deal with Hollywood producer Ben Silverman.

She called what he makes for Yahoo “video snacks.”

Smacks and snacks!

2:37 pm: Q&A time!

First up, a question about search and display.

Morse answered: Display great, search not.

Next: Flat page views and how do you increase engagement?

Bartz will “take a whack at that,” since she is clearly in a whacking mood.

Engagement is a big focus and Yahoo is working on it: More interactivity, social networking, better targeting.

Bartz said she has been getting a lot of diet recipes in that targeting, although she has no idea why. I think she looks great!

Next: What’s up with search declines again?

Morse: We are working on it!

Bartz: “We’re not a long-tail buy.”

Now, a tax guidance question (which means I headed to the bathroom at this point).

Next: What up with international? Also, another question about search decline trends–there has to be a morning after!

“We’re not fighting comScore (SCOR) on this,” said Bartz. Good idea.

“We have a lot of effort going into this,” she added. Stabilization is apparently the new up.

2:50 pm: I missed the last question because I had been looking at an OMG! story about actress Sandra Bullock not wearing her wedding ring. What can I say, except that Yahoo content is a lot more interesting than this earnings call.

But essentially, Bartz was talking about making Yahoo’s internal operations more consistent, which has been one of her favorite memes.

There was also a China question, but Yahoo is not running the show there.

More about the search alliance with Microsoft and its costs.

“There are a lot of moving pieces on this,” said Morse, which means he does not know yet.

He added that Yahoo might buy back some stock, but did not give specifics.

More search questions, this time about how Yahoo sells it. Bartz sounded weary of the questions about this key arena.

I can almost hear the internal dialogue in her head: “WHY THE #@&%*# ARE THEY SO BORDERLINE OBSESSED!?!”

Face it, Carol, we can’t get enough of your search non-answers.

Bartz moved onto Yahoo’s strength in the content space. She is right about this, which is Yahoo’s major differentiation.

And again she stressed the artistic canvas metaphor, for both content and advertising.

Yahoo is the Da Vinci of Digital! The Michelangelo of Microchips! The Picasso of Pixels!

I am borderline choked up at the thought of it.

The sale to Dassault, which makes software for computer-aided design and product management, removes one of the last vestiges of IBM’s once vast applications-software business. The two companies will retain a formal alliance in which the French company will recommend IBM services and infrastructure software.

Separately, IBM’s board expanded its stock buyback program, authorizing the spending of another $5 billion. It currently has $4.2 billion remaining from previous repurchase programs. The buyback announcement sparked a rally in IBM stock, which rose $1.06 to $121.17 in midday New York Stock Exchange trading.

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Meanwhile, Yahoo (YHOO) and Google (GOOG) lost ground–Yahoo’s share fell to 10.95 percent from 11.04 percent and Google’s to 77.54 percent from 78.48 percent. Together, Microsoft (MSFT) and Yahoo, thanks to their new alliance, claim 20.36 percent of the search marke. That is still far less than Google’s 77.54 percent, but it’s significant nonetheless given the daunting challenge the search sovereign presents. Said StatCounter CEO Aodhan Cullen: “Bing continues to make slow but steady progress but the combined Yahoo! figures suggests that the deal announced last week will have to demonstrate major future synergies if it is to make any dent in Google’s dominance.”

Yes, the SAAS enterprise applications vendor loves everyone, but none more than Google (GOOG). This morning, Salesforce (CRM) expanded its alliance with the search behemoth, linking its Force.com online development platform to Google’s App Engine. The move essentially allows consumer applications built on Google App Engine to call on data stored in Force.com. And that heralds more robust cloud computing applications, more–and better–alternatives to Microsoft’s (MSFT) core business applications, which are only just now adapted for the cloud.