Yahoo May See ‘Ho-Hum Quarter’: Pro

Yahoo's quarterly earnings could very well disappoint shareholders, Darren Chervitz of the Jacob Internet Fund said Tuesday.

"We believe that even though expectations are relatively modest, there's a potential Yahoo's going to have a ho-hum quarter, which is kind of their modus," he said.

Yahoo reports quarterly earnings after the closing bell Tuesday.

On CNBC's "Fast Money," Chervitz said that CEO Marissa Mayer's initiatives haven't yet done much to boost Yahoo's prospects.

"The reason the stock's up has very little to do with what Marissa has done with core Yahoo. It's largely due to their investments in Asia," he said.

Chervitz said that he has trimmed his fund's exposure to Yahoo stock, although it remains among its top holdings. Other large holdings include Google and Apple.

While noting that Yahoo's share price has risen dramatically over the past several months, Chervitz said that the stock still held potential.

"Yahoo is trading, even with that 50 percent rise, about four times EBITDA next year," he said. "So I think even marginal improvement in their business will lead to pretty dramatic in earnings, and that will lead to increase in multiple."

Trader disclosure: On April 16, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long XBI; Josh Brown is long JNJ; Josh Brown is long AAPL; Josh Brown is long XLU; Josh Brown is long TLT; Josh Brown is long XLU; Mike Murphy is long AAPL; Mike Murphy is long IP; Joe Terranova is long VRTS; Joe Terranova is long SJM; Joe Terranova is long IBM; Joe Terranova is long SPLK; Joe Terranova is long SWN; Steve Weiss is long C; Steve Weiss is long BAC; Steve Weiss is short BHP.