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Yahoo! (NASDAQ: YHOO ) results for the Internet titan's Q1 have been released. For the quarter, revenue was $1.14 billion, a 7% drop from the $1.22 billion in the same period the previous year. Attributable net profit, on the other hand, rose by 36% to $391 million ($0.35 per diluted share) from Q1 2012's $287 million ($0.27).
The just-released figures exceeded the average analyst estimates of $1.1 billion and $0.24 EPS.
Yahoo!'s profit jump was largely due to the performance of one of its key assets, the successful Chinese e-commerce company Alibaba (it owns a 24% stake in the firm). Meanwhile, Yahoo!'s revenues from its core services declined on a year-over-year basis. Its display-ad revenue fell 11% from Q1 2012's result to land at $455 million, while its take from search advertising dropped 10% to $425 million.