While both Yahoo! and Google have seen rosy third-quarter results, Yahoo continues to be outdone by its Mountain View-based competitor.

On Tuesday, Yahoo reported that its revenue for the quarter was up 12 percent to $1.77 billion. This number, as well as earnings per share, was above analyst predictions and sent the stock price up 7 percent to $28.71.

But only two days after Yahoo CEO Jerry Yang and investors celebrated the company's turnaround, Google announced that its revenue for the same quarter grew by 57 percent. That puts its net revenue at $4.23 billion. With growth almost five times that of Yahoo's, Google is nowhere near a slowdown. Nor is it about to let Yahoo surge ahead in the search giant race. Panama and Yang may have breathed new life into Yahoo, but Yahoo has not yet transformed into a Google.