The fallout is still in progress from the failed Microsoft-Yahoo merger: Silicon Alley Insider‘s Henry Blodget writes that as Yahoo’s share price continues to fall in the wake of the collapsed deal, the one that Yahoo struck with Google in place of it won’t matter in the end.

“If Yahoo continues to lose share—and there’s no reason to expect it won’t—the Google deal will rapidly become less and less relevant,” Blodget writes. “It doesn’t matter if you improve monetization of queries if your share of queries continues to shrink.”

A deal with Microsoft would have allowed Yahoo to focus on what it is best at, which is content aggregation, content production, and display ads, Blodget added. We’d like to throw in plain old Web technology, because many of Yahoo’s products such as Mail and all of its mobile apps are quite good.

Not that it could matter in the end. “Yahoo’s stock accomplished the near-impossible on Friday—declining almost 5% on a day when the market was up 400 points,” Blodget said. “Most likely this was because investors continue to realize that, Google deal or no, Yahoo’s search business is headed down the tubes.”