Maybe the bar was still too high… Here’s the quick read on Yahoo’s (NSDQ: YHOO) just-released Q2 numbers. Revenue ex-TAC came in at $1.34 billion, up 8 percent from last year, but a little behind analyst estimates of $1.37 billion. Adjusted net income was $139 million, just shy of the $140 million analysts had been expecting. It’s also down from $163 million in the year-ago quarter. Revenue on Yahoo’s O&O network was up 14 percent to $1.01 billion, again, a little shy of the 15 percent some analysts had been anticipating. Why the miss? Not totally clear yet. CFO Blake Jorgensen touted the company’s “solid results” despite the weak economy. Expect to hear a lot more on this during the call 5:00 (ET) call.

SEE ALSO: Coming Tonight: Yahoo Reports Q2; Expectations Low

Looking ahead to the next quarter, the company is calling for revenue of $1.78-$1.98 billion, though that’s before deducting TAC. This quarter’s gross revenue was $1.79 billion, so the outlook is flat at the low end. Also, in the slides (see link below) the company forecasts full-year FY08 gross revenue of $7.35-$7.85 million. This is a narrowing of the previous estimate range of $7.2 billion-$8 billion, so while the floor has been lifted somewhat, the high end has been reduced as well.

Another data point: $22 million spent in the quarter on advisory fees related to Microsoft.

And a question that might come up on the call: Did the weak quarter prompt, in any way, the company to settle with Icahn, when it had previously looked like they had nothing to worry about on that front?

Meanwhile, at 4:45 ET, it looks like this is exactly the type of weak performance the market was looking for, as shares are trading almost exactly flat after hours. We’ll watch where things go as the call begins.

Release | Webcast (5:00 PM ET) | Slides (.pdf)

More to come