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Vote! Will Yahoo beat, meet or miss on earnings?

When Yahoo reports earnings Tuesday afternoon, it's going to be another signpost in Marissa Mayer's one-year tenure as CEO and her turnaround efforts at the beleaguered technology stalwart.

"Yahoo has been very active on the engagement front," Ronald Josey, senior internet analyst at JMP Securities, said in a CNBC interview. "They launched a lot of brand new products—whether it's a new home page, a new search, a new email."

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He said he's looking for that increased engagement to turn into display advertising dollars, though investors may have to wait until the back half of the year to see those returns.

After the closing bell on Wall Street, Yahoo is expected to earn $0.30 a share for the second quarter. In the first three months of the year, the company beat profit estimates, but missed on the revenue side.

(Vote on Facebook! Will Yahoo earnings beat, miss?)

In Mayer's year at Yahoo, she's launched a flurry of big acquisitions, including the May purchase of Tumblr for $1.1 billion.

Josey told "Squawk Box" that investors may learn more from Yahoo about how it plans to monetize the popular blogging service, which will operate as an independent entity. "They're really not going to be integrating [Tumblr] into Yahoo's core services too much. They don't want to ruin the 'special sauce.'"

Besides acquisitions, Mayer has presided over a 70 percent increase in Yahoo's stock price.

But analysts say much of that gain has come from stock buybacks and from Yahoo's Asian assets, including a 24 percent stake in Chinese e-commerce giant Alibaba Group, which is said to be considering an IPO.

The valuation ranges of Alibaba go anywhere from $50 billion to $100 billion with most people settling in on $70 billion, analysts say.

—By CNBC's Matthew J. Belvedere. Follow him on Twitter @Matt_SquawkCNBC. CNBC's Kirsten Chang, @kaecee1, and Reuters also contributed to this report.

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