本文摘要：Nearly two years to the day that Marissa Mayer took the helm at Yahoo, the company’s turnaround is still a work in progress. And its fortunes are still very much tied to its stake in Alibaba, the private Chinese Internet company expected to go public next month.玛丽莎·梅耶尔(Marissa Mayer)力挽狂澜雅虎两周年将至，公司局面仍并未完全挽回。

Nearly two years to the day that Marissa Mayer took the helm at Yahoo, the company’s turnaround is still a work in progress. And its fortunes are still very much tied to its stake in Alibaba, the private Chinese Internet company expected to go public next month.玛丽莎·梅耶尔(Marissa Mayer)力挽狂澜雅虎两周年将至，公司局面仍并未完全挽回。雅虎的命运还与它在中国互联网私营企业阿里巴巴所持有人的股份密切相关。后者预计将于下月上市。

It’s easy for Wall Street to overlook Yahoo’s lackluster performance, when it is so busy salivating over the company’s holdings in Alibaba. On Tuesday, when Yahoo announced its second-quarter earnings, it said it had reached an agreement with Alibaba to reduce the number of shares it is required to sell in the initial public offering, to 140 million shares from 208 million shares. Conservative estimates predict Alibaba will be valued at $150 billion when it goes public, more than five times Yahoo’s current $35 billion market valuation.华尔街很更容易忽视雅虎黯淡无光的业绩，因为他们此时于是以觊觎于雅虎持有人的阿里巴巴股份。周二，雅虎在宣告第二季度收益时回应，已与阿里巴巴达成协议，在阿里巴巴上市时，它必需出售的阿里巴巴股份将从2.08亿股增加到1.4亿股。据激进估算，阿里巴巴上市时的估值将超过1500亿美元，这是雅虎目前市值350亿美元的四倍还多。

More good news for shareholders came from the earnings report: Kenneth A. Goldman, Yahoo’s chief financial officer, told investors that Yahoo planned to return at least half of its after-tax profits from the Alibaba offering to shareholders. If Yahoo can find a tax-efficient way to distribute those fortunes, Wall Street has reason for optimism.收益报告送给股东们带给了更好好消息：雅虎的首席财务官肯尼斯·A·古德曼(Kenneth A. Goldman)告诉他投资者，雅虎计划把从阿里巴巴上市中取得的税后收益的最少一半归还给股东。如果雅虎能寻找一种合理洗钱的方法来分配这些财富，华尔街有理由深感悲观。Still, even the hoopla over the Alibaba news was not enough to distract from the other problems at Yahoo, where Ms. Mayer’s best efforts to drive more content and acquire fresh talent and innovative products through acquisitions have done little to bolster the company’s financial performance.不过，即使是与阿里巴巴有关的消息所引发的激动，也足以让人们忽略雅虎的其他问题。

梅耶尔通过多笔并购来减少内容、取得新鲜人才和创意产品的重磅行动，基本上没能提振公司的财务业绩。“Things aren’t getting better,” Colin Gillis, an analyst at BGC Partners, put it bluntly. “The core business is still dismal.”“情况没在提高，”BGC Partners的分析师科林·吉利斯(Colin Gillis)直言不讳地说道，“核心业务依然令人失望。”On Tuesday, Ms. Mayer announced the worst revenue number since she took over. Yahoo’s revenue fell 4 percent last quarter, to $1.08 billion from the year-ago quarter.周二，梅耶尔宣告了她接掌雅虎以来最差劲的营收数据。雅虎的上季度营收同比上升了4%，为10.8亿美元。

Ms. Mayer was the first to admit disappointment. “Our top priority is revenue growth, and by that measure, we are not satisfied with our Q2 results,” she said. “While several areas showed strength, their growth was offset by declines.”梅耶尔首度否认这些数据令人沮丧。“营收快速增长是我们的最首要任务，但以这个标准来看，二季度的业绩无法令人满意，”她说道，“尽管有几个领域表明出有了优势，但它们的快速增长被一些下降所抵销。”Yahoo’s revenue from its display advertising business fell 8 percent last quarter, to $436 million, compared with the same quarter a year ago, in large part because Google and Facebook continue to capture ever larger shares of the United States display ad market.雅虎的展出广告业务的营收上季度同比上升了8%，为4.36亿美元，这相当大程度是因为谷歌和Facebook在美国展出广告市场的份额仍在不断扩大。Yahoo, once the top seller of display ads in the United States, is projected to drop to 6 percent market share, from 7.1 percent market share last year, even though the overall display ad market is expected to grow by 23.8 percent this year, according to eMarketer.雅虎曾是美国仅次于的展出广告销售商。

根据eMarketer的数据，尽管整个展出广告市场预计今年将快速增长23.8%，预计雅虎的市场份额将从去年的7.1%降到6%。On Tuesday, Yahoo said its income from operations slid 72 percent, to $38 million, from the year-ago quarter, much of that because of a restructuring charge. Net earnings for the second quarter were down 19 percent, to $270 million, or 26 cents a share, from $331 million or 30 cents a share.雅虎周二回应，二季度的运营收益同比下降了72%，为3800万美元，这主要是因为重组的费用。二季度的净利润同比上升了19%，为2.7亿美元，即每股26美分，去年同期分别为3.31亿美元和每股30美分。That net income was below the expectations of Wall Street analysts, who forecast an average of 33 cents a share. But the biggest black hole continues to be Yahoo’s revenue from mobile advertising, considered the hottest growth area for Internet companies. Yahoo did not report its mobile ad revenue on Tuesday, even though the market for mobile advertising is expected to reach $17.73 billion this year, an 83 percent jump from last year, according to eMarketer.这个净收入高于华尔街分析师的预期，后者预测的平均值为每股33美分。

但仅次于的黑洞依然是雅虎移动广告的营收，它被指出是互联网公司最炙手可热的快速增长领域。雅虎周二没透露其移动广告收益，根据eMarketer，预计今年移动广告市场规模将超过177.3亿美元，较去年攀升83%。Even with the fortunes from Alibaba’s looming I.P.O., shares of Yahoo fell 2 percent in after-hours trading, after ending regular trading down 9 cents, or 0.25 percent, to $35.61.即使享有阿里巴巴的上市将要带给的财富，雅虎股票盘后交易时段依然暴跌了2%，此前，它在常规交易时段收盘时暴跌9美分，即0.25%，至35.61美元。

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