Yahoo says it expects to roughly double operating cash flow over the next three years and generate $8.8 billion in revenue after costs in 2010.Yahoo says its three-year financial plan support the board’s determination that Microsoft’s Jan. 31 takeover bid undervalues the company.

Sunnyvale, Calif.-based Yahoo Inc. continues to expect first-quarter revenue of $1.28 billion and $1.38 billion and full-year revenue of $5.35 billion to $5.95 billion.

Analysts surveyed by Thomson Financial expect revenue of $1.32 billion in the first quarter and $5.65 billion for the year.

Yahoo says its board continues to evaluate all of its strategic alternatives.