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.

Fool contributor Eric Volkman owns shares of Yahoo! The Motley Fool has no position in Yahoo! Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.