What’s Left at Yahoo

What's the difference between the “troubled” Yahoo of yesteryear and the “troubled” Yahoo of today? Profits.

The company in recent years pumped out as much as $800 million in annual income from its operations while net revenue generally stayed flat. That figure slumped sharply last year to $143 million and for the first nine months of 2015 was a negative $218 million, it reported Tuesday, in large part because of the payments Yahoo must make to new partners like Mozilla to send traffic to Yahoo’s Web properties. Revenue is falling too. This, in turn, will shrink CEO Marissa Mayer’s choices in the near term.