Today’s the one-year anniversary of Marissa Mayer‘s appointment as CEO, but the Q2 financial report she just released doesn’t seem to be inspiring many cheers on Wall Street. Yahoo shares are down 1.6% in post-market trading after the disclosure. The company generated $331.2M in net income, +46.1% versus the same period last year, on revenues (not including traffic acquisition costs, or TAC) of $1.07B, -1%. The revenue number is slightly lower than the $1.08B that analysts expected. Earnings came in at 30 cents a share, matching the consensus forecast.

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The core advertising business was uninspiring. Display revenues (not including TAC) fell 11% to $423M, though search ads (also ex-TAC) were +5% to $403M. Meanwhile, Yahoo says that it completed its $3.65B share repurchase following the sale of part of its stake in Alibaba Group, but plans to spend $1.9B more on buybacks. Mayer touts Yahoo’s “continued stability” and efforts to energize its businesses. “From the new Yahoo News, the new Yahoo Sports app, the redesigned Yahoo search, the new Flickr, the new Yahoo! Mail for tablet, the Yahoo Weather app, our new Yahoo app with Summly — this quarter drove tremendous improvements in our product line and our users responded with increased usage and engagement,” she says.

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