難道雅虎就這樣走向終結嗎？幾周前，雅虎曾計劃剝離其持有的320億美元阿里巴巴股份，但如今，承受重壓的雅虎高層決定放棄這項計劃，轉而尋求賣掉公司。

如果雅虎的維權投資者斯塔博德價值基金(Starboard Value)占據上風（到目前為止，它已經取得了兩次勝利），雅虎就將出售其核心業務。屆時，雅虎的資產就只剩下它對阿里巴巴和雅虎日本的持股，以及50億美元現金。這是一種極端措施。

三年前，CEO梅麗莎?梅耶大張旗鼓、信心滿滿地加入公司。盡管收入縮水、員工造反，但雅虎依舊是全球第五大網絡公司，坐擁數十億美元收入和數億美元利潤。

而出售核心業務，則意味著梅耶任期的結束，或許意味著雅虎的發展將走到盡頭。雅虎為何會陷入這樣的困境？下面三幅圖或許可以解釋背后的原因。

This could be the end for Yahoo. After weeks of pressure to cancel the spin-off of its $32 billion stake in Alibaba, Yahoo is planning to give in, calling off the sale, and instead, exploring a sale of the company.

If Yahoo’s activist investor, Starboard Value, gets its way (and so far it has, twice), Yahoo will sell its operating business, and Yahoo stock will consist of shares of Alibaba, Yahoo Japan, and $5 billion in cash. It’s a desperate measure.

CEO Marissa Mayer joined the company three years ago with great fanfare and hope, and despite shrinking revenue and a revolting staff, Yahoo remains the fifth-largest Web property in the world, with billions of dollars in revenue and hundreds of millions in profits.

But a sale would likely mean the end of Mayer’s tenure and possibly the end of Yahoo. How did it come to this point? Here are three charts that illustrate the company’s struggles.

增長陷入停滯。梅耶在昂貴的內容方面投入巨資，尤其是視頻，以及社交媒體收購和手機應用等方面。但新產生的收入沒能抵銷雅虎主營業務桌面顯示廣告業務的收入縮水。

Growth has stalled. Mayer has invested in expensive content, especially video, as well as social media acquisitions and mobile apps. The new income hasn’t offset shrinking revenue from Yahoo’s main business, desktop display ads.

在梅耶的領導下，雅虎的股票價格不斷上漲，但大多數投資者均將其歸因于阿里巴巴。2014年，阿里巴巴上市之后，投資者就不再需要購買雅虎的股票，以獲得阿里巴巴增長帶來的收益。

Yahoo’s stock price has increased under Mayer, but most investors attribute that to Alibaba. Once the company went public in 2014, investors no longer need to buy Yahoo shares to get exposure to its growth.

實際上，相比雅虎所持有的雅虎日本和阿里巴巴股份，投資者正在以較低的價值交易雅虎股份，從而無法給雅虎的核心業務帶來任何價值。

雅虎董事會可以決定繼續執行梅耶的戰略。但這是不可能的：到目前為止，雅虎董事會一直都是對維權投資者們言聽計從。這一次，出售主營業務的決定，也不例外。（財富中文網）

譯者：劉進龍/汪皓

審校：任文科

Investors are trading Yahoo’s shares below the value of its holdings in Yahoo Japan and Alibaba, therefore assigning no value to Yahoo’s operating business.

Yahoo’s board could decide to continue executing Mayer’s strategy. But that’s not likely: So far the board has shown it does what activist investors tell it to do. This time, with the decision to explore a sale, has proven no different.