Yahoo's Q1 net income plunged to $21M from $312M as revenues rose 8.2 percent to $1.2B as CEO Melissa Mayer's turnaround effort slogs ahead.

She said Yahoo "is amidst a multi-year transformation to return an iconic company to greatness."

Mayer is encouraged with revenue growth, which was paced by a 20 percent rise in mobile dollars and a lackluster two percent hike in display.

The media combine's mobile, video, social and native advertising unit posted a 58 percent increase in sales to $363M. Other revenues dipped seven percent to $744M.

The next phase of Yahoo's transformation will focus on accelerating revenue growth and margin improvement, according to Mayer, who has been at the helm for the past three years.

Carty Sits in Yahoo Autos Driver's Seat

Sharon Carty has been named editor-in-chief of Yahoo Autos, the recently unveiled digital magazine.

She exits as e-i-c at AOL's Autoblog. Carty has covered the car beat since 2002 at the New York Times, Wall Street Journal and USA Today.

Carty's "deep experience in the auto industry coupled with her background in digital media makes her a perfect leader for the team," said Susan Kittenplan, VP/executive editor for new media initiatives at Yahoo.

Carty joins Yaho Autos team of Justin Hyde, managing editor; Alex Lloyd, editor-at-large; and Aki Sugawara, road test editor.