It’s a modest victory for CEO Marissa Mayer, reflected in a more than 3% pickup in Yahoo shares in post-market trading. Net income soared to $3.16B from last year’s $298.3M due to the $2.8B Yahoo received from the sale of shares in Chinese e-commerce company Alibaba. Revenues at $1.09B, not including traffic acquisition costs, were up 2%. Still, the revenue figure beat the Street’s forecast of $1.08B. And excluding the Alibaba sale, earnings per share came in at 35 cents — well ahead of the consensus forecast for 26 cents. Perhaps the biggest surprise is the $414M Yahoo recorded from its search business, up 11% from last year. Most analysts figured the new number would come in about $390M or lower. But that was offset by lower-than-expected sales from display ads. They came in at $452M, flat vs last year; analysts predicted at least $470M from display. The earnings release offers no new information about Mayer’s plans for the company. “We’re taking important steps to position Yahoo for long-term success, and we’re confident that our focus on quality and improving the user experience will drive increased value for our advertisers, partners, and shareholders,” she says. Yahoo watchers expect her to discuss her vision in a conference call this afternoon.

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