SAN FRANCISCO — Yahoo strove for the past two decades to build one of the most visited sites in the country and a robust online display advertising business.
It succeeded at both.
But its status as the third-most-visited website has translated into little more than a dimming outlook for the company that defined innovation in the early years of the Internet. Today, all those pairs of eyeballs — more than 200 million of them look at the site every month in the United States — have only made it a more attractive prospect for financial firms that want to break it up. Investors have little confidence that Yahoo can stand on its own.
On Tuesday, executives said they would continue to explore a sale of the company and expand mobile and video advertising, even as Yahoo reported that revenue had fallen by 11 percent over the past year.
So what went wrong?