I did notice in December that the display ads in the Yhoo pages were non existent. Mostly Internal yahoo auto, and stuff. Now I see a lot of external displays. I think this was the result of tweaking the pages, at Marissa speed. They did not told it, but she is testing a lot of new experiments and need the tweaking time in life pages, this can impact the revenues. Have any one notice the posting problems in weekends (THEY ARE tweaking).
This beg the other big disappointment: Forecast. For the same reason, they told investors "We are tweaking at high speed" the revenues will be impacted, leave us alone, you will like blasting results soon enough.
Google Phase 2: Monetization. Here is were the "weakness" comes into play, partnerships. GOOG, MSFT, AAPL, FB, AMZN, Paypal (maybe an acquisition?) and TV. Ignorant forecast: April $23-24, December $27-28.
Do not miss that she said that she would go after users, then monetization. Here is how the Google phase 1 will be repeated. She will generate traffic, gain traffic at whatever cost. Give away Flickr, eliminate display from mail and pages, etc, whatever is needed to create a coolness-Apple-like experience. Watch closely the monthly total users, when they increase about 5%+, is time for Google Phase 2. (In parallel they are tweaking like crazy project HUME RUN (that is behind 60 days!).)