How does Yahoo make money and how did its sources of revenue change over time? Ads? In search, Yahoo was handily beaten by Google, and competing against Micros

How does Yahoo make money and how did its sources of revenue change over time? Ads? In search, Yahoo was handily beaten by Google, and competing against Microsoft and Baidu for the rest. For webmail, Google won out, and Microsoft and Yahoo tried to hang on. For ads, Google and Facebook trounced Yahoo. Flickr was caught unaware by the rise of Instagram, and Tumblr resulted in them acquiring a massive social graph, but no clear ability to monetize it. Facebook (& Instagram), Google (& Gmail, Youtube), Amazon, Twitter are all sites you'd visit while logged-in, so they can target ads better. Yahoo's properties no longer draw the volume of userbase that remains logged-in all the time, partially because you can get full benefit of their primary property (Yahoo.com) without logging in, and partly because fewer people use their gated properties in preference to their competitors. But I'm not sure what they could've done to stop this. Microsoft is in a very similar boat, and their first attempt to adopt Google's strategy to get Microsoft content into everyone's hands faltered at the hands of third-party app developers. Their second attempt, with Windows 10, might succeed. Yahoo likely won't and can't take that route, so their hands are rather tied.