Yahoo’s second-quarter results aren’t giving Marissa Mayer a lot to celebrate as she completes her first year running the Internet company.

The numbers released Tuesday show Yahoo Inc.’s earnings climbed 46 percent, thanks to a major boost from an investment in Chinese Internet company Alibaba.

But Yahoo’s revenue fell 7 percent from last year, highlighting a recurring problem despite other signs of progress under Mayer’s leadership.

Sales, excluding revenue passed to partner sites, fell 1 percent to $1.07 billion, Sunnyvale, California-based Yahoo (Nasdaq: YHOO) said in a statement today. Second-quarter profit, excluding some items, was 35 cents a share. Analysts had projected, on average, profit of 30 cents on revenue of $1.08 billion, according to data compiled by Bloomberg.

Mayer’s turnaround effort has so far focused on revamping products and improving worker morale at the expense of wooing advertisers, who continue to shift budgets to Google Inc. and Facebook Inc. Her plan isn’t likely to recharge revenue growth until see marketers more users flocking to Yahoo sites, according to Mark Mahaney, an analyst at RBC Capital Markets.

“It’s a lengthy turnaround process,” said Mahaney, who is based in San Francisco and rates Yahoo’s shares outperform. “If she is successful, it will show up in the company’s fundamentals two to three years from now.”

Yahoo stock fell in late trading. The shares declined 1.7 percent to $26.88 at the close in New York, leaving them up 35 percent this year. Since Mayer’s first day as CEO on July 17, 2012, Yahoo has surged 72 percent.

Net income attributable to Yahoo rose 46 percent to $331.2 million, Yahoo said.

Market Share

Yahoo’s share of the $17.5 billion market for display ads, its core business, will slip to 7.9 percent in 2013 from 9.2 percent last year, estimates researcher EMarketer Inc. Google will climb almost three percentage points to 18 percent, while Facebook will increase about two points to 17 percent, EMarketer said.

Mayer has embarked on a shopping spree that comprised at least 17 companies, including her $1.1 billion purchase of blogging platform Tumblr Inc., as well as mobile-application makers Stamped Inc. and Jybe Inc. and Summly Ltd., the news- reading application created by teenager Nick D’Aloisio. Earlier this month, Yahoo paid about $70 million for Xobni Corp., a maker of contact-management software, two people said at the time.