Shares of Yahoo! ( YHOO) dropped sharply in late trading Tuesday after the Internet portal's second-quarter revenue missed Wall Street's target. Yahoo! reported a profit of $164 million, or 11 cents a share, compared with $755 million, or 51 cents a share, a year ago, when results were boosted by an investment gain. Net revenue, excluding the money Yahoo! shares with search advertising partners, rose 28% from a year earlier to $1.12 billion. The earnings matched Thomson First Call's mean analyst estimate of 11 cents, but sales fell short of the $1.14 billion Wall Street expected. For the third quarter, Yahoo! expects revenue of $1.12 billion to $1.23 billion, where analysts were looking for $1.20 billion. For the year, the company sees revenue of $4.6 billion to $4.85 billion, compared with analysts' forecast of $4.78 billion. The company also delayed the rollout of new search technology. Shares sank $4.39, or 14%, to $27.85 in after-hours trading. Shares of search rival Google ( GOOG) dropped $11.45, or 2.8%, to $391.60 in sympathy. Illumina ( ILMN) shares vaulted after hours as the company posted blowout second-quarter results and offered a higher-than-expected guidance. The company, a maker of tools for genetic analysis, reported net income of $6.8 million, or 14 cents a share, reversing a year-earlier loss of $18.5 million, or 46 cents a share. Analysts expected earnings of 3 cents a share. Illumina's revenue jumped to $41.6 million from $15.8 million, compared with analysts' forecast of $33 million. Looking ahead, Illumina forecast third-quarter earnings of 22 cents to 24 cents a share, before items. Analysts predict earnings of 4 cents a share. The company sees revenue of $44 million to $48 million, compared with Wall Street's estimate of $36 million. For the year, Illumina projects earnings of 27 cents to 31 cents a share, or 61 cents to 82 cents a share before options costs. Analysts see 2006 earnings of 13 cents a share, including options. Illumina anticipates full-year revenue of $160 million to $170 million, compared with Wall Street's projection of $138 million. The company's shares jumped $4.44, or 15%, to $33.30 after hours.