Gigaom

For all of Microsoft’s(s msft) huge investment in the Azure cloud computing platform, there was scarcely mention of the multi-billion-effort on Thursday’s fourth quarter and fiscal year 2012 earnings call. Here are the top five takeaways from the call.

1: Yahoo deal disappoints. The search revenue Yahoo(s yhoo) derived from a Microsoft partnership last quarter again fell short of its threshold. Under terms of that three-year old deal, Yahoo replaced its own search engine with Microsoft Bing and Microsoft pays Yahoo a fee based on a traffic generated on Yahoo’s network. Asked if Yahoo(s yhoo) had an “out” on this deal, Microsoft CFO Peter Klein did not answer, saying only that Microsoft will “continue to drive those gains which will benefit both parties of the partnership.” As SearchEngineLand’s Danny Sullivan notes, it’s possible that Yahoo, now led by former Google(s goog) exec Marissa Mayer, could look to tighten ties…

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