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Yahoo does not have a traffic problem. Neither does Tumblr . Yahoo does have an ad problem, though — and it’s not clear whether Tumblr can do much to fix that. Those are the takeaways from a new report from eMarketer in its first forecast of Tumblr’s users and advertising prospects. Martin Utreras, senior forecasting analyst at eMarketer, wrote in the press release, because Tumblr’s user base is not directly correlated with ad views, slowing growth is not a bell tolling for Yahoo’s demise.

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