Yahoo! reported its fourth-quarter earnings Tuesday, February 2nd .  The company’s core advertising revenues (including Traffic Acquisition Cost or TAC) improved by 2% year on year to $1.273 billion. However, revenues excluding TAC narrowly achieved company’s guidance and declined by 15% to $1.002 billion, indicating that the company failed to make meaningful headway in its core business. Furthermore, its adjusted EBITDA declined by 48% to $215 million. Nevertheless, Yahoo continued to report improvement in performance in the up and coming Mobile, Video, Native and Social (MVNS, or more commonly MaVeNS) ads vertical during the quarter. While GAAP MVNS revenues (including TAC) grew by 26% to $472 million, non-Maven (i.e., MVNS) revenues were flat at $750 million. Additionally, mobile revenue grew by 15% to $291 million, while PC ads revenue improved by 6.7% to $931 million.

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