While the Yahoo earnings announcement was nothing that wasn’t anticipated by the market, tonight’s after-hours earnings release by Google was a real shock to the system.  Note to self:  trees don’t grow to the sky.  It will be interesting to see the collateral damage in valuations…

Looking through things, certainly the topline growth at least met expectations, but now the cost base will come under increased scrutiny.  If I am Yahoo, I couldn’t have asked for a better gift, in terms of making the dialog now one of sectoral growth potential, instead of just being all about them.