It’s not likely the announcement of Yahoo’s third-quarter earnings later today will be quite as exciting as its Open Hack Day in Taiwan this past weekend, but BoomTown will try to make those numbers and the conference call afterward with CEO Carol Bartz as entertaining as possible.

Still, while recent results from both Google (GOOG) and, especially, Apple (AAPL), have been pretty impressive, no one is expecting Yahoo to blow the roof off.

So, here’s what to look for:

Wall Street is estimating that Yahoo (YHOO) will earn just under seven cents a share, with revenue of $1.12 billion. This compares with nine cents and $1.33 billion in the same period a year ago.

Some whisper numbers peg the results at close to 10 cents a share, which would be a sensation, especially given the still-recovering state of display advertising, which is Yahoo’s bread and butter.

Also likely to be asked about is the recent decline in Yahoo’s search share. According to comScore (SCOR), its share in the important U.S. market dipped to 18.8 percent in September, even as both Google and Microsoft (MSFT) saw small gains.

Yahoo is set to start an online search and advertising partnership with Microsoft, as soon as regulators give it the thumbs up, as seems likely.

And analysts will likely ask about the effectiveness of Yahoo’s $100 million marketing campaign, designed to revitalize its image, which it is ramping up.

But Bartz has also been cutting costs and streamlining staff and operations–her strong suit–which could improve the bottom line.

Yahoo shares, while up 39 percent for the year, are down 2.7 percent for the month, even as other tech firms are up.

The stock is down 1.7 percent today, hovering just under $17 a share.

Whether the results and what Yahoo has to say about the year ahead will affect the share price remains to be seen.

Until then, here is a link to a very good Q&A interview Bartz did with the New York Times about her management style, which was posted over the weekend.

Money quote, from the ever-quotable Bartz:

“I have the puppy theory. When the puppy pees on the carpet, you say something right then because you don’t say six months later, ‘Remember that day, January 12th, when you peed on the carpet?’ That doesn’t make any sense.”

Bob Iger, CEO of the Walt Disney Company (DIS), was the kickoff interview onstage at Fortune magazine’s Brainstorm Tech conference, which is taking place over the next three days in Pasadena, Calif.

The event is packed full of Web and media luminaries.

So, BoomTown will be sitting in the front row and liveblogging some of the sessions here, including this one, titled, “Digital Kingdom: New Business Models for a Media Giant.”

Translation: When you Twitter upon a star, makes a–big–difference what you earn.

Which, right now, is not a whole lot, as Iger and others in the media business know all too well.

But let’s set the scene: Iger looks like a very typical old-media mogul you might order from an online catalog–handsome, suave and sophisticated, a perfect mix of Hollywood and New York.

Thank goodness, then, that he never seems to have acquired that other irksome characteristic of some of his peers–a full-bored panic over the Internet.

In fact, Iger–whom I also interviewed onstage at the fourth D: All Things Digital conference in 2006–has been unusually fast-forward among many of the big media companies in facing the digital music and dancing.

Fortune writer Richard Siklos asked him about a mishmash of subjects, from subscription services to authentication to cable providers, all of which center around a basic question:

How the heck is Disney going to be paid for its wares–because someday those agelessly lucrative “kids” from “High School Musical” are not going to agree to yet another reunion?

“This is the beginning of the beginning,” said Iger, who noted that it would be folly to guess what’s coming next in the digital arena.

A most excellent point that he made several times, adding that it was important for companies like Disney to keep trying out all sorts of things digitally, until they got it right.

“This notion of protecting the present is something that I talk a lot about [with employees],” said Iger, who wants them not to do that so much.

He noted that running a modern media company meant you had to have “one hand in the present and one hand in the future.”

Iger forgot about the hand that you might need to protect yourself from partners of the present–like big-box retailers, television affiliates, cable networks–who are going to come at you with a cudgel for giving the stuff you sell them away free on, say, Hulu.

Hulu, of course, is the popular, tiny-money-making premium online video service, which is a joint partnership of News Corp. (NWS), GE’s (GE) NBC Universal and now Disney.

“We believe in Hulu,” said Iger, who thinks its business model–currently just online advertising–might evolve over time.

But, he added, he was “somewhat skeptical” of any one answer to what is ahead.

As in: Iger just does not know, which is probably the best thing a media mogul can say right now.

Except for one thing he said is always mindful of–to follow, “where the consumer is going.”

Consumers are going online, of course, which is certainly going to require all-hands-on-deck at Disney in the years ahead.

[Update: It seems Disney was keeping its hand in the present for today, as it apparently had YouTube take down a trailer for its new "Alice in Wonderland" movie, which was set to debut at Comic-Con International in San Diego tomorrow.]

Let’s be honest–even with the sassy stylings of CEO Carol Bartz, who will be appearing at her first Yahoo annual meeting this morning, there are few of these affairs that are even remotely exciting.

Last year’s Yahoo meeting did have a frisson of possibility, since billionaire investor Carl Icahn and Microsoft (MSFT) CEO Steve Ballmer were fixing to put the double squeeze on the board and, especially, its then-CEO and co-founder, Jerry Yang. Also, major Yahoo (YHOO) shareholders threatened a revolt.

But, no. In the end, Carl gave in and took a Yahoo directorship, Microsoft wandered off in a corporate huff and Yang and the board managed to get dinged by angry investors, but not donged.

This year, the stock has improved, hovering in the $15 a share range, although it is still pretty moribund.

“I am too tired of Yahoo stock to be angry any more,” said one major shareholder. “It is just wait-and-see what Bartz will do now for a lot of us.”

This year, most of the same 12-member board, now including Bartz, is up for reelection and it is unlikely they will get even a bad grade. Yahoo will also ask for approval of its accounting firm (yaaaaawn).

As to other stuff going on in the ballroom of the Santa Clara Marriott–yes, it is that boring!–in Silicon Valley, there are several important votes before the shareholders tomorrow.

One is a standard proposal regarding executive compensation or a “say on pay” proposal, which will be introduced by an outside stockholder.

Yahoo’s board is recommending against it, natch, because it would apparently be a horror show if actual owners of a company got to weigh in on what execs are paid in a significant way.

Another proposal, put forward by the company and thought of internally as an uphill battle, regards changes to be made to a 1995 stock plan and to a 1996 employee stock purchase plan.

The latter is most important, a request to authorize more shares for future employee options grants, which will be a large addition to the pool–30 million more shares–if authorized. The stock will be used to keep valuable Yahoo talent in place.

Frankly, with departures continuing, Yahoo could use the share ammo.

Lastly, you can read all the good stuff–like about salaries and bonuses, deserved or, more typically, otherwise–in Yahoo’s proxy statements here.

BoomTown will begin liveblogging the annual meeting at 10 am PDT, after doubtlessly enjoying a lovely Yahoo-sanctioned breakfast pastry.

Later today, as BoomTown reported last week, Yahoo is putting on a search party.

Well, not a “party” party–although there will apparently be some lunch noshing at the “Search chalk talk,” during which top techies at the Internet giant will talk up the strategy for its more innovative products, such as Build Your Own Search Service (BOSS) and Search Monkey.

Presenting at the event with be: Prabhakar Raghavan, head of Yahoo Labs and Yahoo Search Strategy; Larry Cornett, VP of Consumer Products; and Lee Ott, senior director, Mobile Search.

Yahoo (YHOO) has a search share that hovers around 20 percent, compared to the more than 70 percent that Google (GOOG) has.

At its HQ in Silicon Valley last week, Google put on a similar show-off, called “Searchology,” about its latest search innovations.

And, although they are clearly No. 1 and No. 2, both Google and Yahoo are bracing for the launch a major overhaul of Microsoft’s (MSFT) search offering, which is expected soon and code-named “Kumo.”

It will be interesting to see what Yahoo’s techies focus on, especially as the company’s brass continue to talk with Microsoft about a possible search and online advertising partnership.

I’ll be liveblogging the Yahoo event, which begins at 11:30 a.m. PDT.

Please see this disclosure related to me and Google.

Well, despite the news being as bad at Microsoft as it was at Yahoo (YHOO) earlier this week, the conference call after the software giant released its third-quarter earnings was 100 percent less naughty and 200 percent more glum.

In other words, while there were no F-bombs dropped, there were lots of E-bombs–as in econalypse.

Microsoft’s earnings and revenue took a big hit in its third quarter, with profits down 32 percent from a year ago on a six percent sales decline.

It was the company’s first-ever year-over-year quarterly sales drop.

There were also more than $700 million in charges from layoffs and investment declines, both a result of the weak economy. The culprit for most of the bad news was the decline in consumer and business spending on computers.

And Microsoft CFO Chris Liddell did not even bother to act as if there was any hope, painting a semi-apocalyptic picture of the business landscape that he predicted was not going to get better anytime soon.

Here’s BoomTown’s liveblogging of the call:

2:34 p.m. PDT: The call starts after some very stern marshal music was played. This turns out to be the perfect mood-setter.

First up, the investor relations guy who talks about all the rules, like those folks who come on after, say, a Viagra commercial and quickly list the scary side effects.

But scary was what Liddell was serving up from the get-go, as he pretty much spent the entire conference call talking about just how bad the economy has been, is and will be.

What’s most disconcerting perhaps is the fact that he was delivering the bad news in a cute-as-a-kiwi New Zealand accent.

Nonetheless, Liddell said the company had had to “adapt to a new reality” and that Microsoft was “more cautious than most about the state of the world economy” and–let’s not forget–the “economic pressures are both broad and deep.”

Liddell also noted that the recovery will not happen quickly, but be “slow and gradual.”

Perhaps this is not the right time to mention that both Google (GOOG) and Apple (AAPL) essentially killed in their recent earnings reports.

2:38 p.m.: Microsoft’s investor relations head Bill Koefoed–without any jaunty inflection whatsoever–delivered the numbers in that droning way that all financial types who deliver numbers on calls like this do.

My assistant, Ed, actually fell into a temporary coma from across the room.

Basic message of numbers: Bad.

2:54 p.m.: Back to Liddell for some forward-looking stuff.

Also not good, with consumer sentiment and spending weak, he said, there would be “significant pressure until market conditions improve.”

“In summary, it was a tough quarter,” reiterated Liddell, restating what he already stated and stated again. And then restated.

2:59 p.m.: Now to questions! Maybe things will look up here.

But…nope!

Thus, more worries about Microsoft’s growth, a weakness in sales and even some clucking over renewal rates of its operating system software licenses.

Then someone noted that it seemed as if Microsoft at least had its “arms around” the problems.

Would Liddell show any glimmer of hope?

“I guess we are all learning… how do I feel about the shape of the quarter [to come]?” he pondered.

Wait for it, wait for it, wait for it. Said Liddell, the sad-sack CFO: “I do not see anything that gives me any encouragement.”

Big, big sigh.

3:16 p.m.: Someone asked about one remark Liddell made about some “countercyclical” products, which might be bright spots in the Microsoft empire.

Indeed, new versions of the Windows operating system, Office, Exchange and its search offering are all set to come out in the next year.

Will they be gamechangers? Liddell was not saying, of course.

Finally, at the end, after a question about stock repurchases, there was some light at the end of the tunnel.

No matter what, Microsoft is still a cash-spewing engine.

“One of the great positives,” said Liddell was the company’s free cash flow of $20 billion, at an annual rate.

In other words, there is nothing like money stuffed under the mattress in times like these.

Microsoft’s earnings and revenue took a hit in its third quarter, as expected, with profits down 32 percent from a year ago on a six percent sales decline.

Before one-time charges, the software giant earned $2.98 billion, or 33 cents a share after one-time charges, on revenues of $13.65 billion.

The weak results were relatively in line with analysts’ estimates of 39 cents a share on $14.1 billion in revenue.

It was the company’s first-ever year-over-year quarterly sales drop.

But Microsoft stock was up in after-hours trading, after also rising today before the market close by 14 cents, up .75 percent, to $18.92.

Costs from layoffs of $290 million and a $420 million impairment charge on investments also hit the bottom line at Microsoft (MSFT).

The company announced those first-time mass layoffs in the previous quarter. No further layoffs were announced today, despite rumors that they might be.

The culprit for most of the bad news was the decline in consumer and business spending on computers, since half of Microsoft’s operating income comes from sales of its Windows operating system.

But its online services also got hit badly, with a 14 percent decline in revenue from a year ago to $721 million. Losses doubled to $575 million. Oof!

Thus, Microsoft execs better hightail it down to Yahoo (YHOO) some more to strike that long-simmering search and advertising partnership deal.

BoomTown will be liveblogging the earnings conference call soon, but until then, here is the Microsoft press release:

REDMOND, Wash.–Apr. 23, 2009–Microsoft Corp. today announced revenue of $13.65 billion for the third quarter ended March 31, 2009, a 6% decline from the same period of the prior year. Operating income, net income and diluted earnings per share for the quarter were $4.44 billion, $2.98 billion and $0.33 per share, which represented an increase of 3% and declines of 32% and 30%, respectively, when compared with the prior year period.

The financial results for the third quarter ended March 31, 2009, included $290 million of severance charges related to the previously announced plan to reduce up to 5,000 positions and $420 million of impairments to investments. Combined, these two charges reduced earnings per share by $0.06.

Revenue in Client, Microsoft Business Division, and Server & Tools was negatively impacted by weakness in the global PC and Server markets. Revenue from enterprise customers remained stable during the quarter.

“With our continued R&D investment and our broad suite of products and services, we remain in a great position to compete and gain share in the marketplace,” said Kevin Turner, chief operating officer at Microsoft. During the quarter, Microsoft released the beta version of the Windows 7 operating system, which remains on track for a fiscal year 2010 launch. Development milestones were achieved on other products including Microsoft Office 2010, Windows Server 2008 R2 and Windows Mobile.

“While market conditions remained weak during the quarter, I was pleased with the organization’s ability to offset revenue pressures with the swift implementation of cost-savings initiatives,” said Chris Liddell, chief financial officer at Microsoft. “We expect the weakness to continue through at least the next quarter.”
Business Outlook

Microsoft offers updated operating expense guidance of $26.7 billion to $26.9 billion, including severance charges, for the full year ending June 30, 2009.

Management will discuss third quarter results and the company’s business outlook on a conference call and webcast at 2:30 p.m. PDT (5:30 p.m. EDT) today.

BoomTown is assembling all the popcorn and treats at All Things Digital HQ for Yahoo’s first-quarter earnings call later today, looking forward to hearing what CEO Carol Bartz will say about how she is turning around the Internet giant.

It is actually the 99-day mark since Bartz took over in January, which means I might also invite the Yahoo sacred cows over for festive cupcakes too.

For the more serious-minded, there should be news about more cost-cutting, including the possibility of additional layoffs, as well as questions on Yahoo’s talks with Microsoft (MSFT) about a search and advertising partnership.

Frankly, I am most excited to see what pistol-packing remark Bartz will make to those listening in about the Silicon Valley icon and its prospects.

She has turned out to be the Midwestern version of Oscar Wilde of the Internet when waxing poetic on Yahoo (YHOO), including the classic: “This is not a company that needs to be pulled apart and left for the chickens.”

Although, truth be told, Wall Street is expecting more chicken scratch than feed today from Yahoo.

Analysts are expecting $1.2 billion in revenue and profit of eight cents a share for the quarter, which are significant declines on both counts due to the company’s lackluster online display ad business.

In these tough economic times, investors will be looking at the steepness of the declines for clue of performance, as well as what is to come. Any upside surprise will be a big deal.

Here is a simple cheat sheet: Bunny Hill steep good, Black Diamond steep bad!

The earnings press release will come out at 1:20 p.m. PDT, after the market is closed, while the call starts at 2 p.m.

You can tune in here at Yahoo’s investor relations site if you want to listen to the call, as well as get the press release, but BoomTown will be liveblogging so you don’t have to!

BoomTown is impatiently cooling heels, waiting for a press conference to begin about “new steps Facebook is taking to improve user understanding and ownership of the Facebook terms of service and, more generally, the policies of the Facebook service.”

The Yahoo (YHOO) reorg finally announced this morning is positively thrilling in comparison!

But we’re liveblogging it anyway!

Here’s what I got in the morning mail:

Hi Kara–

For more and future updates we encourage you to join the Facebook Group called the Official Group for Media & Analysts Following Facebook.

Also this:

Subject: Facebook Opens Governance of Service and Policy Process to Users

Thanks,
The Facebook Team

11:11 am:

Facebook PR honcho Elliot Schrage opens up the conference, but I am honestly only hear: “Blah, blah, blah.”

Then, Facebook Founder and CEO Mark Zuckerberg comes on.

“Openness and transparency is not just an end state,” he said. “It’s also a process.”

Say what, Willis?

Soon Zuckerberg is explaining how he wants to craft Facebook’s rules of the road going forward. It’s like being at the Constitutional Convention, except for geeks.

Alert! Comment! Notify! Transparency! Oversharing!

11:17 am:

“We want to be as clear as possible that we do not own user data,” said Zuckerberg. “We feel really bad about that.”

Us too!

11:21 am:

I get to ask the first question, which is about how this whole mess happened.

Zuckerberg said Facebook had made previous changes all the time to its Terms of Service to complex legal documents. This time, in trying to make them simpler, “we made a few mistakes,” which in turn set off a firestorm.

Ah, the mistakes-were-made defense!

“A lot of the feedback was fair,” acknowledged Zuckerberg, who then talked about the new notification and feedback and comments options, so it will not happen ever again. Except next month.

Also, there will be a vote. Well, only on some issues that get people all hot and bothered, presumably. But who decides what gets voted on and who wins the vote?

Unclear. But vote early and often.

But, said Schrage: “We underestimated the sense of ownership” that Facebook users have for the service.

11:25 am:

A question about whether or not Facebook should have known better after its Beacon advertising debacle.

Not the same thing, said Zuckerberg. But point taken!

11:27 am:

More legal stuff. Zzzzzz.

Then a question on phishing scams. Off topic! Schrage cuts it off tout de suite. Sorry, fella, but this is about one screw-up at a time.

Another shouldn’t-you-have-known-better related question, referring back to the News Feed debacle of 2007. That was before the Beacon debacle of 2008. Which was before the ToS debacle of 2009. (Is anyone noticing a pattern here?)

In other words, Facebook should have known better.

Radical transparency, said Zuckerberg: “This is all about us trusting our users.”

He might start that ball rolling by not sneaking up on us all the time.

11:33 am:

More about rules of the road. More about the transparent community.

Zuckerberg is now fully channelling Casper the Friendly Ghost.

Call ends.

Boo!

In addition, cupcakes were had.

(The day also included a pricey payback lunch for a bet I lost about News Corp.’s acquisition of Dow Jones.)

Thus, here is my video on the event that featured tech start-ups, Web start-ups and–did we mention?–more tech and Web start-ups.

And, as usual, Scoble!