Yahoo! Wins Respect

Updated from 4:53 p.m. EDT Yahoo!'s (YHOO Quote - Cramer on YHOO - Stock Picks) grand plan to turn around its struggling business is finally taking shape.

On Tuesday, the company announced third-quarter results that topped Wall Street's top and bottom line forecasts. Yahoo!'s performance was a pleasant surprise for investors, sending the company's stock up almost 10% in after-hours trading.

But more than the quarter's results, investors were eager to hear Yahoo!'s future strategy. In the company's conference call for investors, CEO Jerry Yang -- who is wrapping up a 100 day strategic review of the business -- laid out an ambitious vision.

Increasing the company's relevance in the rapidly shifting Internet space seems to be the top priority for Yahoo!. Both Yang and President Sue Decker stressed that the company was intent becoming more central in the Web experience of an increasing number of users.

"We already have a huge audience and strong publisher and advertiser relationships," Yang said. "So we have all the pieces and are working from a position of strength."

But Yang also said the future of the company's strategy would consist of three main items:

Yahoo! will seek to be the starting point for a growing number of Internet users. This means the company will ramp up popular properties like Finance and News, while cutting back on less-used services.

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