If Yahoo has proven over and over again, it's that this is a multi-quarter story, and that a single quarterly report doesn't do the turnaround justice.

That's something to keep in mind as we look at a quarterly "beat" but soft guidance going forward.

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[YHOO  Loading...      ()   ] reported a dime a share in earnings against the 8 cents expected; on net revenue excluding traffic acquisition costs of $1.136 billion.  Analysts expected $1.15 billion.

Operating cash flow came in light, to the tune of $385 million.  That's a disappointment, says Piper Jaffray's Gene Munster.

Looking to the third quarter, this is where the Yahoo turnaround might be a little squishy.  The company sees operating cash flow, its version of EBITDA, of $330 million to $370 million versus the $420 million to $430 million consensus range, on $1.45 billion to $1.55 billion in gross revenue.

But I hearken back to what I posted earlier; that Yahoo's turnaround is underway, and that it will take some time.  Fact is, had these numbers come out without CEO Carol Bartz at the helm, I'd say there were some problems.  Or if this performance comes in a subsequent quarter, there'd be a problem.  So let's see what happens in the current quarter, and if Yahoo is really getting its act together.

I think it is.  But the pressure's on Bartz and team to prove it.

Questions?  Comments?