Here's the biggest problem facing any company that buys Yahoo

Marissa Mayer, yahoo, sv100 2015Bennett Raglin/GettyMarissa Mayer, President and CEO of Yahoo

A lot of investors were happy when Yahoo hired Marissa Mayer as its new CEO back in 2012.

But in less than 4 years, the tide has turned.

Yahoo’s growth has been stagnant under Mayer, and now some investors are calling for her replacement.

These 15 charts show why Mayer’s lost their support.

Mayer was hired as Yahoo's new CEO on July 16, 2012. Since then, Yahoo's stock price has more than doubled, but it's been dropping after hitting its peak in November 2014.

Yahoo Finance

Yahoo's stock price decline coincides with Alibaba's IPO in late 2014. Yahoo holds a 15% ownership stake in Alibaba, and the market still ascribes most of its value to its Alibaba holdings. As Alibaba shares dropped, so did Yahoo's.

Yahoo Finance

A bigger reason why the market is losing confidence in Mayer's Yahoo is that the core business has not been growing. Yahoo's revenue has fallen 11% since 2010, and its adjusted profit (before taxes, amortization, and certain other expenses) has been cut almost in half.

Statista

If you look more closely, since the beginning of 2013, display and search revenue are basically flat, and 'other' revenue, including its small business services, is down. Meanwhile, its quarterly operating profit has dropped as customer acquisition and other costs have gone up.

Statista

Yahoo's search ad revenues are expected to drop another 13% this year, the only search engine to see declines, according to eMarketer.

eMarketer

Yahoo Search faces huge competition from companies like Google and Microsoft. It's no surprise that its market share remains pretty low across all regions.

Statista

And most people seem happy with Google as their default search engine. In a Goldman Sachs survey from last year, only 4% of iPhone/iPad users said they would intentionally leave Yahoo as the default search engine if it replaced Google on their devices. 48% of them said they would switch the default back to Google.

Goldman Sachs

Yahoo is not losing money, but its profit is tiny compared to some of its peers. Note that Yahoo's profit in Q3 2014 was a one-time gain from the sale of Alibaba shares.

Statista

Mayer tried to supercharge growth by acquiring a lot of startups and infusing new talent into the company. Over the past four years, only Google made more acquisitions than Yahoo. But in last earnings call, Yahoo said it's writing off $1.2 billion in goodwill value from acquisitions made after 2012.

CB Insights

Mayer's hiring briefly made Yahoo a popular place to work again. In 2013, it saw twice as much job applications as it did a year before.

Business Insider

But by the end of 2015, people started to leave the company in droves, including some of the top executives Mayer had personally hired.

SunTrust

But there's still hope. This chart shows how revenue per employee has improved at Yahoo this year. Mayer now plans to cut 15% of Yahoo's total workforce by the end of the year to make the company more efficient.

Wolfram Alpha

Plus, Yahoo is still one of the largest online services in the world, attracting nearly 1 billion active users per month.

Andy Kiersz/Business Insider

Mayer's plan is to focus on what she calls 'MaVeNS,' which stands for mobile, video, native and social. Mavens revenue is growing and is now a bigger part of the overall business.

BI Intelligence

Yahoo expects to turn the corner and rekindle growth in its business in the coming years. But time may be running out for Mayer to complete her turnaround plan as investors grow impatient.

Yahoo

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