If there’s an earnings call at Yahoo, you know BoomTown is going to liveblog it!

Will Yahoo (YHOO) CEO Carol Bartz say something naughty? (Nope!) What is new CFO Tim Morse like? (Nice!) Will they say anything about the talks with Microsoft (MSFT) about a search and online advertising partnership? (No!)

Oh, it might be a corker!

The earnings results for the second quarter certainly were not.

As I wrote in a previous post:

Yahoo reported so-so second-quarter earnings results today, with a decline in revenues, but with a slightly stronger-than-expected improvement in net income.

For the three months ended June 30, the Internet giant said it had revenues of $1.14 billion, excluding traffic acquisition costs, down from $1.35 billion in the same period a year ago.

That profit was up eight percent, due to cost-cutting. Yahoo said it earned $141.4 million, or 10 cents a share, in the quarter, compared to $131.2 million, or nine cents.

That’s not really saying much, since Wall Street analysts had such low expectations, estimating Yahoo would earn eight cents. But, with a weak advertising market, it is also not that bad.”

Here’s the conference call, updated as it happened:

2:02 pm PST: Music followed by investor relations lady, who had a very nice voice.

She was quick and to the point, and soon enough Bartz was on.

First, she welcomed Morse as CFO, noting he was strong in “efficiency and process.”

Then she pointed out that the new home page for Yahoo–pictured here and you can read about it here–was “available…starting…today.”

Bartz dragged out the words, with a small dramatic flourish.

Then, it was right to the results, which Bartz was bullish on: “Considering the economy, I am pleased with the results.”

Bartz noted that “overall, we are seeing less fear in the marketplace,” although she added that she had no idea when the econalypse would be over.

“It’s easy to see it bumping along the bottom, but it’s too early to call…so, we’ll leave economic predictions to others,” she said.

She moved onto her being happy about all the new execs she had hired, noting that Yahoo was “closing in” on picking an international head (note to myself, get a Yahoo to leak the news to me asap).

2:07 PST: Morse (pictured here) came on and introduced himself. He looks like a CFO and also sounded like one too–calm, cool and collected, as it should be.

After a short talk about his background, he moved onto all the particulars of the quarter–results that had already been released, but Morse repeated them with verve.

I try to listen carefully in these explanations, but I confess that I actually don’t, unless something new happens. It didn’t.

Then Morse was looking forward, including talking some more about marketing spend coming up, as well as explaining what kind of CFO he was going to be.

2:18 PST: Back to Bartz, who started talking about well the long-troubled Silicon Valley icon was doing, even in the weak economy.

She kept calling Yahoo the “world’s biggest Internet media company,” and then said that Yahoo was an “Internet kingmaker” for other Web sites.

Well, it’s kind of true on both counts, so we’ll overlook the bragging.

Bartz then quickly moved through all the various arenas at Yahoo–from advertising to the home page to mobile–where Yahoo was trying to improve and increase its business.

She apparently is aiming to make online ads less annoying–if successful, I propose that Bartz should be awarded some medal of honor.

“We have a clear simple vision to be the center of people lives online,” said Bartz in conclusion, throwing in “kingmaker” again. “At the end of the day, we know who we are and know what we need to do to win.”

2:33 pm PST: Question time!

The first was about what Bartz thinks about Bing, the new Microsoft search engine, because it might take a while for these Wall Street analysts–reporters don’t get to ask questions–to screw up the courage to ask her outright about any Microsoft deal.

Bartz was unusually cordial, which is how someone about to be hitched needs to be.

“I think Bing is a good product…I think Microsoft should be given kudos for Bing,” she said. Hmmmm….

The next question was about the intent of Yahoo to invest in search, as opposed to display advertising. Another veiled Microsoft search deal question.

Bartz noted that Yahoo was investing in the user. Nice way not to answer the question!

2:38 pm PST: A question about spending and if there was going to be more.

Bartz noted that Yahoo was restructuring costs, rather than cutting and burning. She noted, for example, that more marketing spend was part of the plan.

Morse used a bucket analogy, and talked about draining costs back and forth, which was apt.

The next question was about advertising revenues, and whether they would grow. Also, more questions about costs.

Morse noted good strength in a lot of areas in the premium sector. As to cost structure: “We’re repositioning the business.”

2:48 pm PST:

Another cost question. I am officially ignoring it.

The next question was about how Yahoo was going to keep fixing APT, its newest advertising platform, which some think is too hard to use.

Bartz, who has insulted it in the past, was now kind of nice about it, noting that they were working on making it better.

A question about owned-and-operated search and its relationship with Yahoo’s affiliate search, which had been stronger. Not a trend, said Bartz flatly.

More about search and whether scale matters in search (another sneaky way to ask about Microsoft). “Of course scale matters,” said Bartz, who joked she would be happy to switch share positions with Google (GOOG).

A question about the new home page and its monetization and why it was announced today, as opposed to the fall, as planned.

Bartz did not really explain why or about revenue, but she sounded good.

The last question was about improvements in search share and monetization (translation: I want to ask about Microsoft, but I am too much of a wimp).

Bartz talked about better targeting, improved experience, driving relevancy and the prominent position of search on the front page. That will lead to more money, she noted.

Again, it’s not exactly an answer, but it sounded good.

Then it was over, although Bartz ended by urging everyone to “go look at the new home page.”

How much does BoomTown love the Friday weekly memos that Yahoo CEO Carol Bartz sends out to the troops?

Very, very much since they are so full of significant news–a slowdown of Yahoo’s homepage redesign and a major limiting of the global rollout of its new advertising platform, APT, to name a few.

But they also have a weird but compelling kind of energy that nearly jumps off the page, giving clear insight into how Bartz thinks and operates.

Like the Energizer Bunny, I would say.

Here are two memos Bartz sent out to Yahoo (YHOO) staff, one from today and one from last week on Feb. 13, both of which discuss just how busy she is keeping herself.

This past week, for example, Bartz spent the weekend with advertisers and partners at the AT&T golf tournament in Pebble Beach, after which she threw some serious love in the direction of U.S. sales head Joanne Bradford and gave the advertising minions under her an A+.

Bartz also cheerily admits with a “whatever” that a “Brand Pride Memo,” which a Yahoo marketing exec asked her to rename in case it leaked–oops!–from last week (see below), was still a list of Yahoo embarrassments.

And she is headed to Europe in April, followed by Asia TBD, although this weekend, a husband-free Bartz is catching up on chick flicks–might I suggest, “He’s Just Not That Into You”–and resting up for the “big week” ahead.

That’s Bartz’s coy term for her massive reorganization of management, which is slated, many sources tell me, to be announced Wednesday. (See my post on that here.)

Last week, was much more newsworthy, as Bartz did a lot of business unit and product reviews–reportedly scaring the bejeesus out of staff who had to present–because, she said, they had not been done in a dog’s age at Yahoo.

Stressing a “need for speed” in the decision-making process at Yahoo and a “WOW” experience for users, Bartz seems to be whirling through Yahoo like Mr. Clean’s white tornado.

As BoomTown reported this week (correctly, Tapan!), for example, Metro–the Yahoo homepage redo–was delayed by her “until we feel it will be a great product for our users.”

Bartz then said she had decreed that ads were to be taken out of mail products in emerging markets, which will mean a drop in revenue (probably minuscule), but make for a better customer experience.

Most significantly, she also limited the global rollout of APT, Yahoo’s new advertising system, which was much touted by previous Yahoo management, to just the U.S. and one other country in order to “perfect” it.

This is a polite way of saying it is buggier than an Amazon jungle.

And, my favorite and hers: Bartz wrote that “we are assembling a list of products that we are embarrassed about for various reasons so we can make the important decision as to whether we fix them or discontinue them.”

Speaking of curdling, and to keep up the kooky quotient, Bartz also thanked Texas Yahoos for something called “Purple Cowboy wine,” as well as employees in Oshkosh, Wis., for cheese curds.

Then, it was off to make Valentines with her ubiquitous assistant, Judy Flores, after which she was set to do some major kissing up to ad customers at that golf tournament (not her strong suit, apparently, as it had been former Yahoo CEO and co-founder Jerry Yang’s).

But, experience the full-Carol yourself in the two entire memos below:

February 20:

My week started last Friday down at the AT&T golf tournament where we hosted many of our important U.S. customers and partners. I thought I’d use this week’s note to give you some impressions:

First, I really want to congratulate Joanne Bradford’s team for hosting and running a first-class event. I know many of you in the company have absolutely no idea what happens in our regions or what salespeople do for a living (in fact, my past history has shown me that the way most engineers perceive salespeople is as lightweight, backslapping meeters and greeters). In fact, I’m delighted to report that Yahoo! has an A+ sales team. I watched them in action with customers such as Pepsi–it was clear they had the respect and trust of the customer and represented all of us Yahoos very well. It was very interesting to learn how creative our salespeople are in helping our clients devise interesting and profitable campaigns. I received a lot of compliments about how well-supported these customers and partners felt. Likewise, it was very clear to me that they support Yahoo! in return and very much want us to succeed.

Hey, that doesn’t mean they think we’re perfect! They had several ideas about our products and how we could do better, especially in this tough economic environment. This plays right into our focus on excellence and great products.

Last week I told you we were going to have our first pass at deciding which products embarrass us as a company. Kudos to Allen Olivo and his team for worrying that one of you might leak my email, so instead he called it the “Brand Pride List.” Whatever, the point is still important and we had a great discussion on which products to stop and which to make a lot better. More to follow…

I realize this is a very U.S.-centric message but that’s because I spent three days with U.S. customers. Just wait until I blow through Europe in April–I’ll be sharing all sorts of European goodies with you! And yes, I am going to Asia as well–we just haven’t settled on the date yet.

My husband is out of town this weekend, so I’m looking forward to watching all the “chick flicks” that he refuses to watch with me. I hope you all have a fun weekend. Get well-rested, because next week’s a biggie.

Carol

February 13:

A great illustration of my need for speed.

Had a big staff meeting this week. We spent all day Monday and Tuesday reviewing our strategies and major products on both the audience and advertising sides. It was a great introduction for me and even an eye-opener for the entire team when they realized that many of these strategies and products hadn’t been delved into in a long time (a big thanks to all the presenters who worked so hard):

· We talked a lot about the importance of having a WOW experience for all of our users around the world. As an example, we are delaying the launch of Metro until we feel it will be a great product for our users.

· Similarly, we discovered that we are losing mail share to the competition in many slower-bandwidth, emerging markets so we have made a decision to remove mail ads in those countries to improve the user experience. This will mean a drop in revenue for us but it’s the right thing to do strategically.

· We have also decided to “perfect” APT! in the US and only one international market before we roll it out globally.

· And finally, my favorite–we are assembling a list of products that we are embarrassed about for various reasons so we can make the important decision as to whether we fix them or discontinue them.

What does this have to do with the need for speed? Many of the things I just talked about could have and should have been decided earlier but we haven’t been an organization that has embraced the need for speedy decisions, even when they are the tough ones. We can all be part of changing this and getting back to an organization that is fast on its feet.

On a personal note, thanks to Team Texas Sales for the Purple Cowboy wine and the Care Center Service Desk in Oshkosh for the Wisconsin bag of goodies–my favorite were the cheese curds!

Judy and I went to URLs today and made Valentine’s for our sweeties–everybody remember yours so we can all have a big Yahoo! Valentine’s Day. I’m off to Pebble Beach tomorrow to meet, entertain and play golf with some of our biggest customers. Actually, it’s a great strategy because normally you have to “let” the customer win–fortunately, this is not a problem for me!

Carol

It is not so apt, if you think about it, that Yahoo has finally put up the details of its new system to let customers buy and sell display advertising–now called APT–right smack in the middle of the most serious financial meltdown of the modern era.

That’s because the economic crisis is likely to become a whirlpool that will be hard for any ad business to avoid, even the often recession-proof digital sector.

But it is Advertising Week in New York and, BoomTown supposes, the show must go on (it’s not as if they could suspend it, like a critically important Presidential debate or anything).

Actually, “ironic,” I suppose, is a better word than “apt,” because the existence of such a system–as a kind of Google-like way to deliver graphical advertising–is extremely vital to the next phase of the online ad game.

In Yahoo’s case, APT would service its sites, as well as big sites like eBay (EBAY) and several hundred newspaper sites, in what one can only hope is a cohesive manner rather than the patchwork way it is done now.

In order to reach many places across the country, for example, a national advertiser now has to potentially make hundreds of buys, which can be highly inefficient.

The other option is to use one of the too-many ad networks. But they often don’t let an advertiser know exactly where an ad is being placed, and it can sometimes create something called “channel conflict” between a publisher and an ad network.

This chaos has long been a problem in the online display business, which has been growing, although not with the same force or overall impact as the search ad business dominated by Google (GOOG).

Thus, the situation begs for clarity and for getting scale built into the system, which can only be imposed by big players like Yahoo (YHOO)–or Google or Microsoft (MSFT), both of which are working on their own systems.

Unfortunately, while the search ad market has a better chance to weather the current economic crisis, the online display market is a horse of a different color.

Many speakers at Ad Week underscored the obvious.

Former Yahoo ad head Wenda Millard, now co-CEO of Martha Stewart Living Omnimedia, said in a panel that the Wall Street crisis will have “pretty severe implications for medium-sized and smaller businesses and consumers.”

It was an opinion expressed by many others in the online space who attended the event, most of whom also tried to note in some fashion that the digital sector has a better chance to weather the expected slowdown than other media like magazines.

That might be so. But as one top digital exec correctly noted to me after the events of this week, which have deeply impacted banks and Wall Street firms, it will be hard to escape the suction-like pull of sinking ships:

“Like it or not, we’re all financial stocks now.”