Rise and Fall of Yahoo $YHOO, What Happened, Missed Opportunities

Yahoo CEO Marissa Mayer Talks Verizon Deal and Her Future at the Company:

Video above: Marissa Mayer, chief executive officer at Yahoo (principal domain: yahoo.com), discusses Verizon's $4.83 billion acquisition of Yahoo's web business, how she envisions her role at the new company, the legacy of Yahoo on the web, and reflects on her experiences at Yahoo. She speaks with Bloomberg's Emily Chang on "Bloomberg ‹GO› on July 25.

Infographic above courtesy of VisualCapitalist.com: The saga surrounding one of the world’s most recognizable internet stocks has come to a close. Yahoo $YHOO has finally sold its operating business to the highest bidder. The winner was Verizon – and the price was $4.8 billion. That’s worth less than 1% of the company it had multiple opportunities to buy: Google (now Alphabet).

WHAT HAPPENED? Technology changes fast, and successful companies must leverage smart acquisitions in building for the future. Facebook bought Oculus Rift and Instagram, and Google bought companies like Youtube and DoubleClick.

YAHOO'S MISSED OPPORTUNITIES: In 1998, Yahoo was approached by two young Stanford Ph.D. students to buy their search engine algorithm. Larry Page and Sergey Brin had created PageRank – a quick way to find the most relevant website for a given search query. Yahoo skipped out on buying it for $1 million, rationalizing that it would take people off of Yahoo’s website, while decreasing traffic and ad revenues. Even later on when Google’s search business was well-established, Yahoo CEO Terry Semel balked at Larry and Sergey’s $1 billion asking price. He would eventually agree to it, but by then it was too late. The Google guys had already decided to up their price to a heftier $3 billion. Around that same time, Yahoo was turned down by a 22-year-old Mark Zuckerberg. Yahoo offered to buy Facebook for $1 billion, but Zuckerberg declined. This was a moment that billionaire Facebook investor Peter Thiel lauds as the major turning point for the company that allowed it to become the behemoth it is today. Some sources even say that if the offer was increased to $1.1 billion, that Facebook’s board would have forced Zuckerberg to take it. But it’s not just the offers made that were missed opportunities. Yahoo also turned down a hostile takeover from Microsoft in 2008 for $44.6 billion that valued the company for far more than it is worth today.

ALIBABA: In 2005, Yahoo bought a 40% stake in emerging online retail company Alibaba, which makes up the majority of Yahoo’s market capitalization today. In the context of the recent Verizon deal, the Alibaba shares are likely being spun off into a separate investment vehicle.

See also on Domain Mondo: YAHOO $YHOO Q2 2016 Earnings, Webcast Monday July 18

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YAHOO $YHOO Q2 2016 Earnings, Webcast Monday July 18, 5:30pm ET

YAHOO $YHOO Q2 2016 Earnings, Webcast Monday July 18, 5:30pm ET:

Yahoo's (YHOO) CEO Marissa Mayer on Q2 2016 Results - Earnings Call Transcript | SeekingAlpha.com

Marissa Mayer was appointed President and CEO of Yahoo! effective July 17, 2012, and
since July 20, 2012, Yahoo shares (NASDAQ: YHOO) are UP 137% as of July 15, 2016.

Yahoo reports Q2 2016 earnings results, Monday, July 18, 2016, after the market close, LIVE webcast at 5:30 pm ET: https://finance.yahoo.com/topics/yahoo-q2-2016-earnings. The webcast video will be archived after the event at https://investor.yahoo.net/ and will be available for 90 days following the LIVE broadcast.

Principal domain: yahoo.com
Investor Relations:  investor.yahoo.net
Stock exchange: symbol NASDAQ: YHOO
Stocktwits.com/symbol/YHOO

UPDATE: Yahoo Q2 2016 earnings release-- EPS of $0.09 misses consensus estimates by $0.01, revenue of $1.3B (+4.8% Y/Y) beats by $220M--

Our second quarter GAAP revenue and Cost of revenue - TAC were impacted by a required change in revenue presentation related to the Eleventh Amendment to the Microsoft Search Agreement ("Change in Revenue Presentation," as discussed below). Specifically, $252 million of GAAP revenue and Cost of revenue - TAC for the second quarter of 2016 was due to the Change in Revenue Presentation. Excluding the impact of this change, GAAP revenue would have been $1,055 million, a 15 percent decline from the second quarter of 2015, and Cost of revenue - TAC would have been $214 million, a 7 percent increase from the second quarter of 2015.--Yahoo Q2 2016 release

Yahoo Q2 2016 earnings release:

Preview:

• Yahoo! (YHOO) Auction Comes to an End: "Yahoo!'s (YHOO) final bids are due Monday, July 18, after a drawn-out auction and the company's board is set to make a decision as to who wins the bid soon after, Bloomberg TV's David Guru reported on "Bloomberg Markets" citing a New York Times report. Verizon (VZ), AT&T (T), and Quicken Loans' founder Dan Gilbert are expected to make a bid on Yahoo that range between $3 billion to $6 billion depending on what assets are accounted for in the bids, Bloomberg TV Emily Chang said. It is assumed the companies are bidding for Yahoo's core assets, which include search, emails, media, and advertising, she said. "It's very unclear what exact company is bidding for what, and what ..."
• As it nears sale, Yahoo's earnings likely to reveal continued decline: "Despite Yahoo's (NASDAQ: YHOO) not-so-sunny outlook, some analysts believe its impending sale will affect its stock price more than its current revenue ... Though Yahoo is nowhere near its heyday, it still boasts a robust media sector , and is one of the top trafficked online destinations. Yahoo has also made moves to build up its advertising business, though some have argued that its facing massive ad fraud issues . It could make it attractive to a company like Verizon, which needs more media content to make itself an advertising powerhouse. Analysts estimate that the company will report revenue of $1.08 billion, and 10 cents per share, according to Thompson Reuters."
• Yahoo Q2 earnings preview | BusinessInsider.com: "Mavens [mobile, video, native, social] revenue will once again be under the spotlight come Monday, when Yahoo reports its second-quarter earnings. Another slowdown will be a serious blow to Yahoo and Mayer's legacy as CEO, as Mavens has been one of the few bright spots during her three-year tenure. It could also send Yahoo stock down as the company's other legacy businesses have already been in decline for years now."

$YHOO on twitter:
Tweets about $YHOO

See also:
Yahoo $YHOO Q1 2016 Earnings Webcast, April 19, 5 pm ET (video) | DomainMondo.com

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Yahoo $YHOO Q1 2016 Earnings Webcast, April 19, 5 pm ET (video)

How Yahoo's Marissa Mayer Can Salvage Her Legacy:

Yahoo is considering selling all or parts of the company. On its own, Yahoo has struggled under Marissa Mayer. It's become unprofitable and its outlook is only getting worse. Bloomberg Gadfly's Shira Ovide explains why selling Yahoo is Mayer's best chance to salvage her legacy. (Published April 18, 2016.)

Company: Yahoo Inc.
Stock Exchange: Symbol--NASDAQ: YHOO
Principal Domain: yahoo.com

Investor Relations: investor.yahoo.net

• Press Release of Q1 2016 Results
• Earnings Slides (pdf)
• Condensed Financial Information
• Transcript (source: Seeking Alpha)

Yahoo Q1 2016 EPS of $0.08 beats by $0.01. Revenue of $1.09B (-11.4% Y/Y) beats by $10M.

Yahoo live stream video of First Quarter 2016 Earnings webcast: Tuesday, April 19 5:00 p.m. ET, at http://finance.yahoo.com/.

The video will be archived after the event at https://investor.yahoo.net and will be available for 90 days following the broadcast.

UPDATE on bids: Yahoo shortlist has Verizon, YP, Rakuten, private equity- sources | Reuters

Yahoo’s Troubles Mount, and Revenue Shrinks, as It Vets Suitors - The New York Times: "Jeffrey Smith, the chief executive of the Starboard Value hedge fund, said on Tuesday that he intended to keep the pressure on Yahoo. Starboard has proposed an alternative slate of nine directors to replace Yahoo’s entire board at the company’s next annual shareholder meeting, expected in June or July."

Monday, April 18, was the bid deadline for Yahoo's assets. According to Seeking Alpha, Verizon (NYSE:VZ) is the lead bidder for Yahoo. Yahoo did amend the CEO's change-of-control compensation--at least $48 million of Marissa Mayer's equity would vest in a deal--and the company is working with Goldman Sachs (NYSE:GS) and Evercore (NYSE:EVR) to defend against activist investor, Starboard Value. Yahoo is working with JPMorgan (NYSE:JPM) to at least go through the motions of auctioning the company off. We may know more after the earnings webcast. See also: Yahoo: Who's Ready To Take On A Legacy Digital-Native Media Turnaround? | Seeking Alpha.

See also on Domain Mondo:
•  Corporate Accountability: Yahoo!, Starboard Value, Activist Shareholder
•  Starboard Value Letter to Yahoo $YHOO and CEO Marissa Mayer (video)
•  Yahoo $YHOO: What's It Worth Without Alibaba and Yahoo Japan? (video)
•  Yahoo $YHOO LIVE Webcast: Q4, Year 2015 Earnings, Feb 2

Tweets about $YHOO

About Yahoo (source: Yahoo): "Yahoo is a guide focused on informing, connecting, and entertaining our users. By creating highly personalized experiences for our users, we keep people connected to what matters most to them, across devices and around the world. In turn, we create value for advertisers by connecting them with the audiences that build their businesses. Yahoo is headquartered in Sunnyvale, California, and has offices located throughout the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa (EMEA) regions."

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Verizon, Daily Mail? Who Will Make a Bid for Yahoo? (video)

Why the Daily Mail May Bid for Yahoo:

David Kirkpatrick, chief executive officer of Techonomy, and Bloomberg's Brian Womack discuss the Daily Mail throwing their hat into the ring for Yahoo's media assets. They speak to Bloomberg's Emily Chang on "Bloomberg West." Published April 12, 2016

Stock exchange:symbol  NASDAQ:YHOO
Principal domain: yahoo.com
New gTLDs: .YAHOO and .FLICKR

Bid deadline: April 18, 2016
Q1 2016 Earnings call: April 19, after market close

Yahoo's financial situation is "increasingly dire" according to Kara Swisher in Re/code, who obtained access to the "book" Yahoo's bankers are making available to potential buyers. According to Swisher, the book "shows a company in what appears to be serious free fall," and shows Yahoo expecting revenue to fall close to 15 percent, earnings by over 20 percent, in 2016.

"Yahoo CEO Marissa Mayer's tenure has been a mess and the Board of Directors should be held accountable for the losing of a significant sum of shareholder value based solely on the company's inability to find and execute a strategic vision that is going to move them in one direction or another."--Yahoo: Nothing Is Finalized Just Yet | Seeking Alpha

Tweets about $YHOO

See also on Domain Mondo:

• Yahoo $YHOO LIVE Webcast: Q4, Year 2015 Earnings ...
• Corporate Accountability: Yahoo!, Starboard Value, Activist Shareholder

See also: Meet the Lookie-Loos of the Yahoo Yard Sale: Google, Twitter, Facebook | Re/code
and Yahoo Sure Has Lots of Attractive Suitors - Bloomberg Gadfly


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Corporate Accountability: Yahoo!, Starboard Value, Activist Shareholder

UPDATE video above: Yahoo to Reconsider Sale of Web Business Instead of Spinoff - Bloomberg Business (8 Jan 2015)

"On Wednesday morning, activist shareholder Starboard Value expressed "extreme" frustration with the company's current leadership, suggesting that they may push for the ousters of both the current board of directors and CEO Marissa Mayer" - Yahoo plans new round of layoffs - San Jose Mercury News

A Look at Activist Behind Starboard's Letter to Yahoo - Activist investor Starboard Value LP is threatening a proxy fight and calling for a change in management at Yahoo Inc. Here's a look at Jeffrey Smith, the firm's leader. (Published on Jan 7, 2016 by WSJ.com)

Yahoo! one-year stock chart (NASDAQ:YHOO) (source: google.com)

When is the Yahoo! Board going to tell CEO Marissa Mayer "it's over" and tell her to leave?

Corporate Accountability: Starboard Value LP is a Yahoo! shareholder and has been engaged (along with other activist shareholders) in urging the Yahoo! Board and management to make changes:

• Starboard Value Calls for Shake-Up at Yahoo and Shift in Strategy - New York Times: "A prominent hedge fund that has long criticized Yahoo's management, Starboard Value, on Wednesday called for changes to the web pioneer's board ..."
• Starboard Value calls for shake-up at Yahoo - Financial Times
• Yahoo investor Starboard Value raises pressure on chief executive Marissa Mayer - The Guardian
• Starboard to Yahoo: Investors have lost confidence - CNBC

Starboard Value's Letters to Yahoo!

• August 10, 2015: Starboard Value Delivers Letter to Yahoo! Inc. CEO (pdf)
• November 19, 2015: Starboard Value Delivers Letter to Yahoo! Inc. Chairman and CEO (pdf)
• January 6, 2016: Starboard Value Delivers Letter to Yahoo! Inc. Board of Directors (pdf)

Excerpt from January 6, 2016, letter:
"... Yahoo’s current management has had over three years to demonstrate progress towards improving the Core Business, but despite these efforts, the Core Business continues to be plagued with deteriorating financial performance and an accelerating number of executive leadership departures. Annual operating costs have ballooned, increasing by approximately $500 million despite revenue that has been declining. In addition, the Company has spent over $2.3 billion on acquisitions. Unfortunately, most of these investments have been misguided, poorly overseen, and, ultimately, shut down. Even with these massive investments, the trajectory is decidedly negative ... EBITDA continues to decline quarter-after-quarter while spending continues at an alarming pace ... The Board must accept that significant changes are desperately needed. This would include changes in management, changes in Board composition, and changes in strategy and execution ..." (emphasis added)

Domain Names:

• yahoo.com
• starboardvalue.com

See also on Domain Mondo:

• Yahoo $YHOO: What's It Worth Without Alibaba and Yahoo Japan? (video)
• Yahoo $YHOO Update: Reverse Spin Off Planned, Webcast Replay
• Yahoo Will NOT Spinoff $BABA, $YHOO Core Business Spinoff Possible

See also: 

• Yahoo's troubled advertising business: "The company's ad business, which brought in $1.15 billion in the second quarter of 2015, is rife with ad fraud, multiple sources told CNBC."
• Yahoo Hires McKinsey to Mull Reorg, as Mayer Demands Exec Pledge to Stay - Re/code: According to several people close to the situation, Yahoo has hired McKinsey & Co. to help the company decide which units to shutter, which to sell ...
• Yahoo Talent Exodus Accelerates as Marissa Mayer's Turnaround Flounders - Re/code: The departures of a number of high-profile executives at Yahoo has accelerated in recent months, so much so that many inside the company are ...
• Marissa Mayer's Convoluted Yahoo Strategy - Re/code: Last fall, in one of the stranger and more expensive efforts to boost company morale, Yahoo CEO Marissa Mayer decided that all her executive staff ...
• Despite Wall Street Noise and Sale Rumors, Yahoo Board Backs - Re/code: As the old saying kind of goes, reports of the impending demise of CEO Marissa Mayer at Yahoo are greatly exaggerated. And so are rumors that the ...
• Yet Another Top Yahoo Media Executive Departs - Re/code: Yahoo's Rob Barrett, who has most recently been its head of media strategy and operations, has left the company, according to multiple sources.
• Yahoo Loses Ad Product Chief Prashant Fuloria - Re/code: Another major Yahoo exec is departing — SVP of advertising products Prashant Fuloria is exiting his job for parts unknown, according to an internal ...
• Here's What's Really Happening at Yahoo - Re/code: If you want to know what's really going on at Yahoo this month, there's one person to ask: Kara Swisher has a comprehensive report about the ...

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Yahoo $YHOO Update: Reverse Spin Off Planned, Webcast Replay

Yahoo Update on Planned Spin-Off 

At a Yahoo! Conference call, Wednesday, December 09, 2015, 6:00 am PST, the company provided an update on the "planned spin-off" following issuance of a statement:

Yahoo [$YHOO] Provides Update on Planned Spin Off of Remaining Stake in Alibaba Group [$BABA]:

"Yahoo! Inc. (NASDAQ: YHOO) today announced that its Board of Directors, after careful review and consideration of how to best drive long-term value for shareholders, has unanimously decided to suspend work on the pending plan, announced in January of 2015, to spin off the company's remaining holdings in Alibaba Group Holding Limited (NYSE: BABA). The Board will now evaluate alternative transaction structures to separate the Alibaba stake, focusing specifically on a reverse of the previously announced spin transaction.

"In the reverse spin off, Yahoo's assets and liabilities other than the Alibaba stake would be transferred to a newly formed company, the stock of which would be distributed pro rata to Yahoo shareholders resulting in two separate publicly-traded companies.

"We believe that the previously announced spin off would be tax free to Yahoo and its shareholders," said Maynard Webb, Chairman of Yahoo's Board of Directors. "However, in consideration of developments since the original spin off plan was announced and after significant deliberations, we are suspending work on the Aabaco spin off. Among other factors, we were concerned about the market's perception of tax risk, which would have impaired the value of Aabaco stock until resolved. Informed by our intimate familiarity with Yahoo's unique circumstances, the Board remains committed to accomplishing the significant business purposes and shareholder benefits that can be realized by separating the Alibaba stake from the rest of Yahoo. To achieve this, we will now focus our efforts on the reverse spin off plan."

"In addition to our efforts to increase value and diminish uncertainty for investors, the ultimate separation of our Alibaba stake will be important to our continued business transformation," said Marissa Mayer, CEO of Yahoo. "In 2016, we will tighten our focus and prioritize investments to drive profitability and long-term growth. A separation from our Alibaba stake, via the reverse spin, will provide more transparency into the value of Yahoo's business."

"The reverse spin off is expected to require, among other things, third party consents, preparation of audited financial statements, shareholder approval, and SEC filings and clearance, including under the Investment Company Act of 1940. While the company intends to move expeditiously to complete the transaction, it is advised that complex transactions of this kind can take a year or more to conclude."

Conference Call - Webcast Replay

Yahoo held a conference call at 9:00 a.m. Eastern Time today to discuss this announcement. A live webcast of the conference call was available through the company's Investor Relations website at https://investor.yahoo.net/events.cfm. According to Yahoo: "an archive of the webcast will be accessible for 90 days through the same link."

After the conference call, in early trading today, both Yahoo (NASDAQ: YHOO) and Alibaba (NYSE: BABA) shares were up. In an unrelated SEC filing today, it was disclosed that on December 4, 2015, Max Levchin notified Yahoo! Inc. (“Yahoo”) that he was resigning from Yahoo’s Board of Directors effective immediately, due to "his other professional commitments and demands on his time, and not due to any disagreement with Yahoo on any matter related to Yahoo’s operations, policies or practices." The size of the board will be eight directors going forward. SEC filings of Yahoo are here.

See also on Domain Mondo: Yahoo Will NOT Spinoff $BABA, $YHOO Core Business Spinoff Possible

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Yahoo Will NOT Spinoff $BABA, $YHOO Core Business Spinoff Possible

Note: See new update Yahoo $YHOO Update: Reverse Spin Off Planned, Webcast Replay

BREAKING: Yahoo will not move forward w/ Alibaba spin, will examine spin of core business -sources (via @DavidFaber) https://t.co/b8PSVSMz7y

— CNBC Now (@CNBCnow) December 8, 2015

Above: CNBC's David Faber reported Yahoo (NASDAQ:YHOO) won't spinoff its 384M-share (~15%) of Alibaba (NYSE:BABA) stake, and will now explore a spinoff of its core business. An announcement from Yahoo could come as soon as Wednesday. More here. 

$YHOO: 8Dec2015 7:41pm EST, after-hours: 35.80 UP 0.95 (2.73%)

Tweets about $YHOO

See also on Domain Mondo:

• Starboard Value Letter to Yahoo $YHOO and CEO Marissa Mayer (video)
• Marc Benioff on Marissa Mayer, Stakeholders, CEO Success, Accountability
• Yahoo $YHOO: What's It Worth Without Alibaba and Yahoo Japan? (video)

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Marc Benioff on Marissa Mayer, Stakeholders, CEO Success, Accountability

"Multistakeholder dialogue" is the key for CEO success today says Salesforce CEO Marc Benioff

In the video above, Marc Benioff, Chairman and Chief Executive Officer at Salesforce.com, explains what goes into being a great and successful CEO (focus on ALL stakeholders, accountability), examines the performance of Yahoo (YHOO) Chief Executive Officer Marissa Mayer, talks about CEO pay versus performance, and IBM. He speaks on "Bloomberg ‹GO›," December 2, 2015.

Interesting note: who does Marc Benioff look up to as his "role model"? Unilever's Paul Polman. See CEOs Can't Be 'Slaves' To Shareholders -Forbes.

Salesforce.com, Inc. 5-year Stock Chart above (source: google.com)

Stock Exchange: Symbol  NYSE: CRM

Tweets by @salesforce

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Starboard Value Letter to Yahoo $YHOO and CEO Marissa Mayer (video)

UPDATE 9 Dec 2015: Yahoo $YHOO Update: Reverse Spin Off Planned, Webcast Replay

UPDATE 24 Nov 2015: Yahoo CEO Marissa Mayer Faces Morale Challenge - WSJ: "When the Ms. Mayer is forced to deliver bad news, she employs what she calls a “jiu-jitsu move”—trying to create a diversion by producing tantalizing information, according to people who have worked closely with her. For example, Ms. Mayer created an accounting metric called “Mavens” designed to spotlight the growing parts of Yahoo. The grouping includes revenue from mobile, video, native and social ads but excludes Yahoo’s largest portion of revenue—its shrinking business of display ads on desktop computers."

UPDATES 20 Nov 2015:

• Yet Another Top Yahoo Media Exec Departs | Re/code: "...Barrett came to the Silicon Valley Internet giant in 2011 after a long and varied career in interactive media, including at the Los Angeles Times, ABC and Time Inc. He has most recently reported to Martha Nelson, the SVP of all of Yahoo Media. More pertinently, Barrett has been part of a major exodus of talent from Yahoo, which is still struggling under the leadership of CEO Marissa Mayer. Another top media exec, Ken Fuchs, also departed recently, as well as media head and CMO Kathy Savitt. Pressure on the former Google exec (Mayer) is increasing as press and also investors are calling attention to Mayer’s management and strategy for making the company relevant again..."


• Forbes gives the details of the ongoing disaster at Yahoo: The Last Days Of Marissa Mayer? - Forbes: "... most say a confused strategy and mismanagement, specifically from Mayer, has undermined any attempts at a turnaround. Yes, she originally brought hope, a badly needed focus on products and a keen understanding of technology. But as pressure to deliver results has mounted, there’s widespread belief, as reflected in that employee survey, that she’s no longer up to the task. The past few months have seen a mass exodus..." (emphasis added) - See also: SunTrust stock analyst Bob Peck to Yahoo directors: Time to fire CEO Marissa Mayer? - Silicon Valley Business Journal - BTW: When did Marissa Mayer become Yahoo CEO? Answer: July 17, 2012.

It has become increasingly clear that Marissa Mayer is not only grossly overpaid, but is way over her head as CEO of Yahoo. After disastrous moves that have cost Yahoo (NASDAQ: YHOO) shareholders hundreds of millions of dollars, activist investor shareholder Starboard Value has launched a new tack in a letter sent to Yahoo (pdf), sell Yahoo's core business and have the Yahoo corporate entity continue to hold its current shares in Alibaba (NYSE:BABA) and Yahoo! Japan (Tokyo Stock Exchange: Yahoo Japan Corporation) instead of the announced spin-off of those investments to Aabaco Holdings which risks unfavorable tax treatment:

"... we believe selling the Core Business now is the best outcome for Yahoo shareholders. We urge you to change direction and do the right thing for shareholders. As we have expressed to you, we expect the shareholders’ interest to remain of paramount importance and will look to make significant changes to the Board if you continue to make decisions that destroy shareholder value." (empasis added)

Principal domain names of companies referenced:
Yahoo - yahoo.com
Starboard Value -  starboardvalue.com
Alibaba - alibabagroup.com  /  alibaba.com
Yahoo Japan - yahoo.co.jp

For further reading:

• Starboard Value's Jeff Smith: The investor CEOs fear most - Fortune
• A Primer on Starboard, the Activist That Pushed for a Staples-Office Depot Merger - The New York Times
• Yahoo Plans Spin-off Of Alibaba Shares To Aabaco Holdings In 2015 | DomainMondo.com
• Yahoo Pressured to Keep Alibaba Stake and Sell Core Business - The New York Times
• Can Marissa Mayer Turn Around Her Turnaround of Yahoo or Is the “End Game Near"? | Re/code
• An NYU professor just said Marissa Mayer’s pregnancy is the only thing preserving her job - Quartz
• Marissa Mayer’s Convoluted Yahoo Strategy | Re/code
• Yahoo Hires McKinsey to Mull Reorg, as Mayer Demands Exec Pledge to Stay | Re/code

NYU Professor: Yahoo Should Be Euthanized, and Marissa Mayer Is the Most Overpaid CEO in History - Bloomberg Business (video below):

Allow video to load after clicking play. If video does not play on your device go to link above.


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Yahoo Q2 2015 Earnings, LIVE Webcast, 5pm ET July 21 Replay

UPDATE (July 23, 2015): As discussed on the Q2 2015 earnings webcast, Yahoo has filed with the SEC to spin-off its Alibaba holdings into a new, independent entity: Aabaco Holdings, Inc. More information may be obtained from the SEC filings:

• SEC Filing: Form 8-K (July 17, 2015) "... Under the spin-off plan announced on January 27, 2015, Yahoo plans to distribute all of the outstanding shares of Aabaco Holdings pro rata to its shareholders. Immediately after the spin-off, Aabaco Holdings will own approximately 384 million shares of Alibaba Group, representing an ownership interest of approximately 15% in Alibaba Group, and a 100% ownership interest in a newly formed entity which will own Yahoo Small Business..."
• Form N-2: Preliminary Information Statement dated July 17, 2015
• SEC Filing: Form 8-K (July 21, 2015)

Yahoo Q2 2015 Earnings webcast above (replay).
Principal domain name: yahoo.com
Stock Exchange: Symbol - NASDAQ: YHOO
Second Quarter 2015
Read the Earnings Release (July 21, 2015)
Earnings Slides (pdf)

Screenshot from the YAHOO! Inc. Q2 2015 earnings press release

Yahoo! Inc. (NASDAQ: YHOO) today, July 21, 2015, reported results for the quarter ended June 30, 2015. (press release)

"I'm extremely pleased with our achievements in Q2, with revenue growing 15% year-over-year, marking our most substantial GAAP revenue growth in almost 9 years," said Marissa Mayer, CEO of Yahoo. "Our Mavens investment businesses across mobile, video, native and social grew to nearly $400 million in revenue this quarter, delivering 60% GAAP growth year-over-year. Further, our display business saw the most substantial revenue growth since 2010. Yahoo's transformation continues to make great progress."

Business Highlights--
Search:

• Over the past year, Yahoo's search presence has steadily grown through innovation and partnerships with industry leaders. In Q2, Yahoo introduced a new mobile search experience in the U.S. that connects users immediately to the people, places and things they care about by using context and location cues to deliver the most relevant search results.

Communications:

• In Q2, Yahoo delivered several new features in Mail including Yahoo Mail on Firefox Share which allows users to instantly share web pages when using Firefox; integration of Twitter and LinkedIn information in Contacts; and the addition of breaking news notifications to the Mail news feed tab.

Digital Content:

• In July, the Company launched Daily Fantasy, now available in the Yahoo Fantasy app, giving users the chance to win money every day with new fantasy lineups.
• Yahoo announced a partnership with the NFL to live stream an International Series Game between the Buffalo Bills and the Jacksonville Jaguars from London this fall.
• Yahoo launched new daily live finance, news and entertainment programming including Ultimate DJ, a global Electronic Music competition-style live series that is executive produced by Simon Cowell. The Company also announced 14 new shows across Yahoo's digital magazine channels including Riding Shotgun with Michelle Rodriguez.
• In Q2, Live Nation and Yahoo continued their partnership by kicking off a music festival live stream series to bring artists' performances from this year's most anticipated music festivals to our global audience.

Ad Technology:

• Yahoo announced the availability of independent viewability and fraud measurement for display and video advertising across the Company's programmatic buying platform, including Yahoo Properties. Advertisers can now choose from leading accredited, third-party measurement solutions to independently validate for viewability and fraud across display and video at every stage of the campaign lifecycle.
• Yahoo introduced new powerful formats to help advertisers reach their audiences: native video and video app-install ads. With native video ads, brand content can be as compelling as video while beautifully integrated into other experiences on Yahoo's homepage, digital magazines and apps. For marketers and developers looking to drive installs, the Company now offers a format that combines the engagement of video and the performance of install ads.

Investor relations: investor.yahoo.net


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Yahoo 2015 Annual Shareholders Meeting (video)

CEO Marissa Mayer begins her presentation at 24:40 - topics covered include mobile search

• Yahoo 2015 Annual Shareholders Meeting, June 24, 2015 video above. 
• Download PDF Yahoo! Inc 2015 Proxy Statement
• Download Yahoo Q1 2015 Earnings Presentation (pdf)

Principal domain name: yahoo.com

Stock exchange and Stock symbol: NASDAQ: YHOO (stock closed up on June 24, 2015)

Yahoo!'s (YHOO) Best Days Are Ahead of It -- If You Believe Marissa Mayer - TheStreet: ""We think the best years for the company are still ahead of us," Mayer said in response to a question on whether one should keep owning shares. The Sunnyvale, Calif.-based Yahoo! has been in a down slope since the start of the year, with shares losing nearly 20% of their value. For comparison, other advertising-centric companies such as Google (GOOGL) (GOOG) and Facebook (FB) have seen their shares appreciate by 5.2% and 13.8%, respectively."

Bloomberg preview of Yahoo 2015 Annual shareholders meeting:

Yahoo shareholders gather today (June 24, 2015) for their annual meeting and Bloomberg’s Paul Sweeney examines the main points of discussion on the company’s strategy. He speaks on “Bloomberg Surveillance.”

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What To Do About Yahoo? (video)

Yahoo Faces Tough Search for Japan Exit - WSJ: ".... Yahoo may ... spin off the Yahoo Japan stake into a separately listed unit, similar to what Yahoo intends to do with its Alibaba stake. Such a strategy could save Yahoo shareholders billions of dollars in taxes. It would also lead to a somewhat awkward situation where not one, but two Asian Internet companies have rump spinoffs. Unless a big buyer emerges, that looks to be the eventual fate of Yahoo’s Asian investments." (read more at the link above)

"Yahoo is amidst a multi-year transformation to return an iconic company to greatness. This quarter, we saw encouraging revenue growth of 8%, with display revenue growing a modest 2% and search growing 20% on a GAAP basis... "We anticipated that we would grow GAAP revenue ahead of revenue ex-TAC and EBITDA, and that's precisely what we saw this quarter. For the next phase ... we will focus on accelerating our GAAP revenue growth while managing our margins and costs." - Yahoo Earnings Release Q1 2015

For an upbeat assessment of Marissa Mayer's vision and strategy for Yahoo going forward see:  Is Marissa Mayer Running Out of Time? (video) - Bloomberg Business: Hyperstop Managing Partner Johnny Won discusses Yahoo’s mobile search and native advertising efforts with Pimm Fox on “Taking Stock.” (Source: Bloomberg - April 21, 2015)

YAHOO INC (Form: 10-K, Received: 02/27/2015): "Yahoo! Inc... is a guide focused on making users’ digital habits inspiring and entertaining. By creating highly personalized experiences for our users, we keep people connected to what matters most to them, across devices and around the world. This focus is driven by our commitment to creating highly personalized experiences that reach our users wherever they might be—on their mobile phone, tablet or PC. We create value for advertisers with a streamlined, simplified advertising technology stack that leverages Yahoo’s data, reach and analytics to connect advertisers with their target audiences. For advertisers, the opportunity to be a part of users’ digital habits across products and platforms is a powerful tool to engage audiences and build brand loyalty. Advertisers can build their businesses through advertising to targeted audiences on our online properties and services (“Yahoo Properties”) and a distribution network of third party entities (“Affiliates”) who integrate our advertising offerings into their Websites or other offerings (“Affiliate sites”; together with Yahoo Properties, the “Yahoo Network”). Our revenue is generated principally from display and search advertising...." 

Yahoo! (YHOO) Marissa Ann Mayer on Q1 2015 Results - Earnings Call Transcript | Seeking Alpha

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