This is my Analysis.
Based on Q1-FY13 -- Display=$402M, Search=$409, Other=$264, here is my calculation:
1.Display revenue ex-TAC = $431.4 (assuming cyclical FY12’s Q1 to Q2 growth, tied to FY13 Q1 + 3% for the New Sales model leveling)
2.Search revenue ex-TAC =$418.4 M (2.3% Growth of total searches compared to last Q per comscore)
3. Other revenue ex-TAC =$244.2 M (10% YOY growth).
Total REV= $1,094M. Average Estimates=$1.08B. My estimate is 1.2% higher. If this is true, and the Display ads grows, then we will see $35, as this is the only item that is holding Yahoo back. ANY FEEDBACK?