Yahoo today reported a flat net revenue for the first quarter, as the company's display advertising business kept experiencing declining revenue. Yahoo said it earned $390 million the first three months of the year. That's a 36 percent increase from income of $286 million, or 23 cents per share, at the same time last year.

Net revenue was $1.07 billion in the first quarter, which is 7 percent lower from last year. Yahoo sees the revenue roughly flat from the year-ago period.

"I'm pleased with Yahoo!'s performance in the first quarter. We saw continued stability in our business, strengthened our team, and started the year with fast execution against our products and partnerships," said Yahoo! CEO Marissa Mayer. "We are moving quickly to roll out beautifully designed, more intuitive experiences for our users. I'm confident that the improvements we're making to our products will set up the company for long-term growth."

Revenue from display ads was $455 million, down 11 percent year-on-year, excluding certain items, in the first quarter. Search advertising revenue rose 6 percent year-on-year ($409 million) on an adjusted basis.