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Talk about a rude awakening. Shares of Yahoo!YHOO were pummeled Wednesday as investors reacted to the disappointing first-quarter earnings the company announced the day before. Yahoo!'s stock was off nearly 12% to $28.35 after reporting quarterly revenue that fell short of analyst estimates. But for Yahoo!, which had seen its shares run up 25% this year amid strong reviews for its new ad platform and speculation that the company may actually raise guidance for the second quarter, the lackluster results proved especially devastating. Shares of Yahoo! had surged 40% from lows hit last October. Far from seeing the impact of the company's new Panama search platform on the bottom line, Wall Street instead started to wonder where future growth would come from following Tuesday's outlook. "You are growing revenue 9% right now. You are looking for mid-20s by the end of the year," Goldman Sachs analyst Anthony Noto asked during the company's conference call with investors. "How do we bridge that gap?" And while Yahoo! continued to be bullish about the impact of Panama over the long term, it also hinted at concerns abut the display ad business that has been a bastion of strength so far. During the its fourth-quarter conference call with investors in January, Yahoo! CEO Terry Semel said the company aimed to extend its lead in the display ad business -- and again grow faster than the rest of the market in 2007. For Jim Cramer's take on the company discussed in this article, please click here for his Wall St. Confidential video.
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