That was because there was one looming problem: for all the dollar signs in Yahoo’s bank account, there wasn’t actually much on Yahoo’s bottom line. In its first quarter as a public company, Netscape had recorded revenue of $56.1 million.29 By comparison, in its first quarter as a public company, Yahoo could report revenue of only $3.2 million.30 Even that was better than 1995, when Yahoo reported revenue of only $1.4 million for the entire year.31 Again, if Netscape had gone public with questionable revenues, Yahoo had taken things to the next (more speculative?) level.
