(CNBC) — Yahoo's stock took a nosedive on Wednesday following another disappointing earnings report. With the company continuing to lose market share in online advertising, investors now say the core business is worth nothing. Actually, less than nothing.
The Sunnyvale, California-based company has a stock market value of $29.5 billion. Add up its $5.5 billion in cash and marketable securities net of debt, $22.6 billion stake in Alibaba, $2.3 billion investments in equity interests (Yahoo Japan) and you get $30.4 billion, or almost $1 billion over Yahoo's market cap.
What about the $950 million in earnings that analysts are projecting for 2015? It's evidently irrelevant to investors, who are rapidly losing confidence in CEO Marissa Mayer's ability to right the ship.
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