better-than-expected (non-GAAP) earnings of $420 million, or 38 cents per share.
Oh, so it's cool to treat non GAAP (Generally Accepted Accounting Principles) as hard facts now? Awesome, then I'm declaring $5 billion in earnings this day alone. See? I wrote $5 billion on this post-it note, so it must be true! I'll wait until Yahoo releases the numbers that came from actual accounting work, and not the CEO playing around in excel.
A holding company is a thing where you hand an accomplice the goods while the policeman searches you.