How Much is Yahoo Worth Without Alibaba? Not Much

Much has been made of Yahoo's increasing sprawl, as it swallows startup after startup. Sure enough, in a Tuesday call with investors, Chief Executive Marissa Mayer said Yahoo had made eight new acquisitions in the last quarter alone. But what Yahoo's latest financial numbers really highlighted was how much the company is running two completely separate businesses: It is simultaneously a consumer Internet company struggling to eke out a living from ad revenue and a large stockholder in Alibaba, the Chinese e-commerce darling that is twice as profitable as Facebook.