In a report today, Citigroup Analyst Mark Mahaney presents Yahoo (NSDQ: YHOO) as a “turnaround story” — and his thesis is premised on the idea that in a “fluid” competitive landscape, flat market share is actually something to brag about for a big internet portal. Mahaney notes that Yahoo’s share of total time spent on the internet hasn’t changed much over the last three years, unlike Microsoft (NSDQ: MSFT) and AOL (NYSE: TWX), which have both experienced a “pretty consistent decline.” So what sites have seen their share rise? Mahaney mentions Google (NSDQ: GOOG) and we’ll add social-networking sites (via a Nielsen report). Mahaney notes that Yahoo has been able to retain its position in major categories, like sports, news, finance and mail — and has now held its share of the search market constant for much of the last year.
The trends, after the jump.

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