The earnings report comes as Yahoo may be near the end of its time as an independent company. Yahoo is said to be in the final stages of reviewing bids for the sale of its core business.



"I personally believe that the right transaction could unlock tremendous value," Mayer said during last quarter's earnings report.



During the second quarter, Yahoo added four directors to its board in a settlement with activist investor Starboard Value. The company's shares are down more than 1 percent over the past year, but up 13 percent year to date. That's in part because of the possibility of a sale of the core business, Zacks' deputy manager Sejuti Banerjea told CNBC.



The sale of the core business, which reportedly could see suitors like Verizon, comes as shareholders eye the value of the company's Alibaba stake as Yahoo's search and advertising services struggle.

While the number of ads sold increased 9 percent compared to the year-earlier period, the company's price-per-ad on display decreased 15 percent, year over year, it said. The number of paid clicks sank 24 percent in the second quarter, compared to a year ago, while the price-per-click popped 8 percent.

Yahoo has around 3 percent of global digital advertising, according to Brian Wieser of Pivotal Research Group, who recently downgraded the stock. At its peak, Yahoo had around 20 percent share, Wieser wrote.