CEO Marissa Mayer started Yahoo's Q2 earnings call Monday with some major non-news: She said she had nothing to report on the company's impending auction of the company's core internet business. 

Acknowledging that the company's strategic alternative process is "top of mind for shareholders," Mayer said, "We'll update our shareholders as soon as it's prudent."

Her avoidance of the topic was basically deja-vu of Q1 earnings in April, when Mayer and CFO Kenneth Goldman declined to share sale details. Except this time, big news is expected very soon. 

The New York Times reported last week that Yahoo would collect final bids on its core business Monday and that the board was slated to make a decision on the sale soon after. 

And the sale is really the only thing investors seem to care about. Investopedia stated in a post Sunday night that the sale would "take center stage" when the company reported its earnings Monday.

Earnings were close to expectations, but fell below what analysts predicted. Analysts had reportedly expected earnings of 10 cents per share and Yahoo posted earnings of nine cents. The company's revenue was up, however, from $1.09 billion in Q1 to $1.31 billion in Q2.

"With the lowest cost structure and headcount in a decade, we continue to make solid progress against our 2016 plan. Through disciplined expense management and focused execution, we delivered Q2 results that met guidance across the board and in some areas exceeded it. In addition to our efforts to improve the operating business, our board has made great progress on strategic alternatives. We are relentlessly focused on delivering shareholder value," Mayer is quoted as saying in a press release about the earnings.

Q2 revenue included the sale of $246 million in real estate owned by Yahoo in Santa Clara County. As Recode editor Kara Swisher noted in a post about the company's performance, the property is something the company "cannot sell again."

"Overall, a portrait of a dying business," she concluded.

Published on: Jul 18, 2016