[wilfra]

Apple derives more than 80% of their revenue (and probably 90%+ of their market cap) from product categories that didn't even exist in 1999.

Yahoo needs to reinvent itself. They have a $19 billion market cap, billions in revenue, a brand with household name recognition all over the World and tens of thousands of employees to do it. It can certainly be done. I don't know that Mayer will do it or that it will ever be done with Yahoo - but to look at their current sources of income and define that as their future is shortsighted. Unfortunately, thats exactly how their investors look at it and it's a big part of the reason why they are in this mess in the first place.