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It was globally known for its Web portal, search engine Yahoo! The term "oracle" was intended to mean "source of truth and wisdom", and the term "officious", rather than being related to the word's normal meaning, described the many office workers who would use the Yahoo database while surfing from work. The term "hierarchical" described how the Yahoo database was arranged in layers of subcategories.

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The cut was expected to save around $375 million annually after the layoffs were completed at end of 2012.On June 16, 2017, parts of the original Yahoo Inc, which were not purchased by Verizon Communications, were renamed Altaba Inc.On the United States Securities and Exchange Commission's website, they listed the new company as a "non-diversified, closed-end management investment company." Yahoo operated a portal that provides the latest news, entertainment, and sports information.On May 13, 2012, Yahoo issued a press release stating that Thompson was no longer with the company, and would immediately be replaced on an interim basis by Ross Levinsohn, recently appointed head of Yahoo's new Media group.On May 19, 2013 the Yahoo board approved a $1.1 billion purchase of blogging site Tumblr.Tumblr's CEO and founder David Karp would remain a large shareholder.

The announcement reportedly signified a changing trend in the technology industry, as large corporations like Yahoo, Facebook, and Google acquired start-up Internet companies that generated low amounts of revenue as a way in which to connect with sizeable, fast-growing online communities.

Yahoo Photos was closed on September 20, 2007, in favor of Flickr.

On October 16, 2007, Yahoo announced that it would discontinue Yahoo 360°, including bug repairs; the company explained that in 2008 it would instead establish a "universal profile" similar to the Yahoo Mash experimental system.

At its height it was one of the most popular sites in the United States.

Answers, advertising, online mapping, video sharing, fantasy sports, and its social media website.

was the highest-read news and media website, with over 7 billion views per month, being the sixth most visited website globally in 2016.