2. A series of bad choices for CEO
It's easy to criticise current Yahoo CEO Marissa Mayer, her strategy (if you could call it that) and the acquisitions she's led, but she's just the latest in a long line of sub-optimal CEOs of Yahoo.
Indeed, Yahoo had been going through CEOs at an increasingly rapid rate in the years leading up to Mayer's appointment.
Carol Bartz (pictured), appointed in 2008, gave way to Tim Morse, who in turn gave way to Scott Thompson in 2012. He was elbowed aside one month after announcing a restructuring, including 2,000 job cuts, earning himself $7.3m for 130 days' work. Ross Levinsohn came and went as an interim CEO before Mayer was appointed president and CEO in July.
None of the CEOs hired and fired by Yahoo provided much strategic vision - nothing to match Schmidt at Google - but the tone was probably set with the appointment of Terry Semel in 2001, in succession to Tim Koogle, who had taken the company public.
Semel had spent 24 years at media giant Warner Bros. Yahoo's strategy was unashamedly media-led under Semel, and Google was allowed to leave Yahoo way behind.
Google, in contrast, hired Eric Schmidt, who had previously endured the difficult job of keeping Novell relevant and, before that, had risen through the ranks at Sun Microsystems*. It was Schmidt, as much as Page and Brin, who began to trace a business strategy for Google.
This was based around search, advertising and analytics, and helped to turn what seemed like expensive and indulgent projects, such as Google Maps, into money spinners that drove people back to Google's own web sites - just like Yahoo's own simpler, media-centric strategy tried and failed to do.
* Fun fact: When Eric Schmidt worked at Sun he was the target of two elaborate April Fool's Day jokes. In the first, he arrived at work to find that his entire office had been taken apart and rebuilt on a platform in the middle of a pond at Sun's campus. The year after, he arrived at work only to find that a fully working Volkswagen Beetle had been dismantled and reassembled in his office.
Toronto? More like Torrent-o
Firm claims changes come as a result or, er, 'customer feedback'
Hip hip Huawei
Big game hunting