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  • 07.18.16

Tumblr is “basically worthless”

Yahoo is again marking down the value of Tumblr, the social network it purchased for $1.1 billion. In its second quarter earnings, Yahoo wrote down $394 million as a “goodwill impairment charge” and another $87 million as an intangible impairment charge. Last quarter, the company wrote down the value of its social platform by $230 million. “During the second quarter of 2016,” the earnings report reads, “we determined that there were indicators present to suggest that it is more likely than not that the fair value of the Tumblr reporting unit is less than its carrying amount.

In short:

RR