Yahoo's big surprise is fast mobile growth
The company's mobile ad revenue in the quarter was $200 million, or 17% of its total sales of $1.15 billion.
Previously, the company's mobile efforts were so lackluster that Yahoo didn't even break out those sales.
What's more, the figure is growing fast, as Mayer forecast that it may top $1.2 billion for all of 2014.
"We're adding a lot of innovation on the mobile side," Goldman said.
The company is already benefiting from its acquisition during the third quarter of Flurry, a mobile-ad technology provider.
"The expertise they bring is just tremendous," Mayer said, pointing to mobile app advertising as a new area of development for Yahoo.
Yet it still has a long way to go.
"Mobile advertising is not yet optimized," Mayer said, adding that the company needs "better targeting" of ads.
By comparison, Facebook FB said mobile ads comprised 62% of its total ad revenue for the quarter ended in June.
Analysts estimate that Google GOOG, which also doesn't break out mobile ad revenue, gets between 20% and 30% of its sales from ads served on smartphones and tablets.
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