No, Core Yahoo is a profitable multi-billion-dollar company in a slowly declining market.

The reason the market values Core Yahoo negative, is because it thinks the current management will destroy capital by spending it on useless acquisitions and costly R&D to become a growth company again.

But accepting that it is a stable company that's going to bring in billions in revenue for years, and just milking it dry is actually not a bad strategy. It's a very boring strategy though.

The core business has positive earnings if you ignore goodwill on the balance sheet. However, earnings are declining.