Yahoo! Inc. (NASDAQ:YHOO) released the earnings results from its most recently completed quarter tonight, posting earnings of 38 cents a share on revenue of $1.09 billion, excluding traffic acquisition costs. That’s compared to $1.07 billion in revenue during the same quarter a year ago. The company reported net income of 35 cents a share, compared to 29 cents per share in the same quarter a year ago.

Yahoo

Analysts had been expecting the search giant to report earnings of 37 cents per share on revenue of $1.08 billion. What’s probably excited investors the most was Alibaba.com Limited (HKG:1688)’s soaring revenue, which rose 66% year over year to $3.06 billion. Yahoo! Inc. (NASDAQ:YHOO) has a 24% stake in the Chinese online retailer.

Details from Yahoo’s release

“I am really pleased by our first quarter performance, marking our best Q1 revenue ex-TAC since 2010. Buoyed by our 9th consecutive quarter of year-over-year growth in Search revenue ex-TAC and our first quarter of Q1 year-over-year growth in display revenue ex-TAC since 2011, Q1 was an early and important sign of growth in our core business,” said Yahoo! Inc. (NASDAQ:YHOO) CEO Marissa Mayer in a statement. “And, with mobile pivotal to our future growth, we’re delighted to now see more than 430 million monthly mobile users accessing Yahoo’s new products.”

Yahoo! Inc. (NASDAQ:YHOO)’s GAAP revenue was $1.133 billion, a 1% decline year over year. Adjusted EBITDA was $306 million, a 21% year over year decrease. GAAP income from operations was $30 million for the quarter, including $9 million in net restructuring charges. Non-GAAP income from operations was $149 million.

Breaking down Yahoo’s results

Yahoo! Inc. (NASDAQ:YHOO) reported GAAP display revenue of $453 million, which is flat with last year. Excluding traffic acquisition costs, it was $409 million. The number of ads sold rose 7% year over year, while price per ad fell 5%.

GAAP search revenue was $445 million, a 5% year over year increase. Excluding traffic acquisition costs, it was $444 million, a 9% increase. Paid clicks rose 6%, while price per click rose 8% year over year.

Yahoo highlights new products

Yahoo! Inc. (NASDAQ:YHOO) provided some updates on its initiatives, launching two digital magazines during the quarter: Yahoo Food and Yahoo Tech. The search giant also launched a new version of Yahoo Sports for iOS 7 and Yahoo News Digest for both the iPhone and the iPod Touch. In addition, the company revealed its Yahoo Smart TV, games network and Aviate Listening Space, as well as integration with Roku.

The company showed off its new advertising suite which covers web, video and mobile ads, and launched Yahoo! Gemini, its mobile search and native advertising platform. It also partnered with Yelp Inc (NYSE:YELP) in business reviews and ratings.

Yahoo! Inc. (NASDAQ:YHOO) also highlighted a number of key new hires.