Yahoo: The second quarter cheat sheet

Yahoo reports second quarter results on Tuesday and if Google's revenue growth was weak what's the second largest search player going to do?

Simply put, analysts aren't expecting much from Yahoo. Analysts expect Yahoo's second quarter results to be "muted." That said Yahoo's conference call should be entertaining. Yahoo CEO Carol Bartz has been a hoot on recent calls and has no shortage of topics to talk about. Bartz will be asked about Microsoft's Bing and whether the software giant and Yahoo are planning a not-so-little search deal.

Here's a look at Yahoo's targets:

• Revenue: $1.14 billion, down a bit sequentially.
• Gross margins: 71.58 percent, down from 76.05 percent in the first quarter.
• Earnings: 8 cents a share.
• Owned and operated search: Jeffries analyst Youssef Squali is expecting owned and operated search to show mid-single digit declines from a year ago. International markets are expected to be weak due to Google gains.
• U.S. search share: Share is expected to be stable at about 20 percent, but Bartz will have to answer Bing questions since Microsoft gained a smidge in the search standings.
• Display ads: Squali expects pricing and volume pressure, ad budget cuts and a glut of social networking inventory to contribute to a display ad sales decline of 22 percent from a year ago.
• The outlook: Yahoo's outlook is expected to be weak. Search and display pricing haven't improved, the third quarter is seasonally slow and new CFO Tim Morse has an opportunity to reset expectations, said Benchmark analyst Clayton Moran. Wall Street is expecting earnings of 8 cents a share on revenue of $1.67 billion for the third quarter.