Yahoo's first-quarter revenue was $1.67 billion, less than half Google's $3.66 billion. Google, once again, blew away Wall Street expectations, while financial analysts openly wondered how long Yahoo CEO Terry Semel would stay in the Internet company's corner office.

Contrast those divergent fortunes with two years ago: The companies were pulling in about the same amount of revenue; they looked primed to battle for Internet domination; and the jury was still out on whether Google's largely unproven management had the chops to take on a seasoned pro like Semel, a longtime entertainment executive whose hand prints are on Hollywood's Walk of Fame.

Now few would argue the answer to that management question was, in fact, a resounding "yes."

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