When I caught up with him earlier today, Yahoo’s new CFO, Tim Morse, said he’s certainly open to reshuffling the company’s portfolio of businesses in ways that help it make more money.

He was responding to a question about talks with Microsoft about a search partnership – though, of course, he wouldn’t comment directly on the negotiations themselves.

On the surface, it certainly looks like Yahoo could do with some help with search. Its search revenues, just released, took a tumble this quarter, even as the volume of queries from users held up. Google, which reported numbers last week, did much better.

CEO Carol Bartz brushed off any suggestion that this pointed to deeper problems in search, but as Sandeep Aggarwal, internet analyst at Collins Stewart, says: “In addition to cyclical issues, Yahoo does have RPS [revenue-per-search] problems.”

Of course, it is a debatable point whether Microsoft could do any better. But each incremental piece of evidence showing that Project Panama will not put Yahoo on par with Google adds to the pressure for a deal.

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