Yahoo 2008 Annual Report Download - page 40

decrease in revenue per Page View in 2008 compared to 2007 is due to a shift to lower-yielding display
advertising. The increase in revenue per Page View in 2007 compared to 2006 was due to the introduction of new
inventory with higher yields.
In the table below, we set forth the quarterly and year-over-year growth in Page Views and revenue per Page
View for the year ended December 31, 2008 and the year-over-year growth in Page Views and revenue per Page
View for the year ended December 31, 2007, both as previously reported and as revised to reflect our updated
methodology.
Q1 2008 Q2 2008 Q3 2008 FY 2008
3 months 3 months 6 months 3 months 9 months 12 months
Previously Reported Page View Growth ........ 19% 23% 21% 17% 20% N/A
Page View Growth(1) ........................ 20% 23% 22% 17% 20% 19%
Previously Reported Revenue Per Page View
Growth ................................ (1)% (7)% (4)% (7)% (5)% N/A
Revenue Per Page View Growth(1) ............. (1)% (7)% (4)% (7)% (5)% (7)%
Q1 2007 Q2 2007 Q3 2007 FY 2007
3 months 3 months 6 months 3 months 9 months 12 months
Previously Reported Page View Growth(2) ....... 13%
(3) 8% 10% 13% 11% 11%
Page View Growth(1) ........................ 14% 9% 11% 14% 12% 12%
Previously Reported Revenue Per Page View
Growth(2) ............................... 0%
(3) 9% 5% 10% 6% 7%
Revenue Per Page View Growth(1) ............. (1)% 8% 4% 8% 5% 6%
(1) The revised Page View Growth and Revenue Per Page View Growth numbers reflect our updated
methodology for counting Page Views.
(2) Previously disclosed in the 2007 Annual Report on Form 10-K.
(3) For the three month period ended March 31, 2007, the reported Page View Growth and Revenue Per Page
View Growth were based on Page Views on our Owned and Operated sites, searches on Affiliate sites and
associated revenues on both Owned and Operated and Affiliate sites. Beginning in the second quarter of
2007, we revised our presentation of Page Views and Revenue Per Page View to include only Page Views on
Owned and Operated sites and revenues from such Page Views, and to exclude searches on Affiliate sites and
revenues from such searches. If the previously reported Page View Growth and Revenue Per Page View
Growth for the three month period ended March 31, 2007 were adjusted to reflect the presentation adopted in
the second quarter of 2007 (but not our updated methodology for counting Page Views), the reported
percentages would have been 21 percent and negative 6 percent, respectively, for the three month period
ended March 31, 2007.
We currently expect marketing services revenues on our Owned and Operated sites to decrease for the first
quarter of 2009 compared to the first quarter of 2008 due primarily to global economic conditions. General
economic conditions have caused some advertisers to spend less on online advertising which could negatively
affect the growth rate of our revenues, particularly our display revenues as advertisers spend less on brand
advertising. In addition, strengthening of the U.S. Dollar against other currencies could have a further negative
impact on our international revenues.
Marketing Services Revenues from Affiliate Sites. Marketing services revenues from Affiliate sites for the year
ended December 31, 2008 decreased $148 million, or 6 percent, as compared to 2007. Marketing services
revenues from Affiliate sites for the year ended December 31, 2007 decreased $134 million, or 5 percent, as
compared to 2006.
During the third quarter of 2007, we sold Overture Japan to Yahoo! Japan. As part of this transaction, we also
entered into a commercial arrangement with Yahoo! Japan in which we provide search marketing services to
34