First-quarter results of Yahoo barely pass estimates of Wall Street, despite its first revenue drop after four successive quarters of growth.

Analysts expected the web pioneer's revenue to clock in at $1.08 billion, but it managed to stay slightly above it at $1.09, even when it toppled down by 11.3 percent. That indicates a good sign for the company's decision to put itself up for sale.

Meanwhile, Yahoo shares grew by about 1 percent to $36.66 in after-hours trading.

"The numbers are providing some comfort things aren't falling off a cliff. If you're bidding for this company it's nice to see them doing what they said they would do," Ronald Josey, an analyst at JMP Securities, told Reuters.

Through nearly four years, CEO Marissa Mayer may have been unsuccessful in restoring the wealth of the company in general, but she does call attention to areas with positive results, particularly social media.

Moreover, she also points out that Yahoo is concentrating on completing the sale and discussing matters with investors and other would-be bidders, effectively putting an end to the talks about the company not focusing on it.

"Our efforts to date reflect clear, decisive action to move forward quickly and in a way that we believe will yield enhanced value. I personally believe that the right transaction could unlock tremendous value," she said.

Earlier this week, the first-round bids were closed. The bidders consisted of Verizon and various private equity firms, including Apax Partners, Apollo Global Management, Bain Capital, TPG Capital and Warburg Pincus. On that note, the carrier is believed to be ahead of the pack and is expected to make it in Yahoo's shortlist.

According to industry sources, the sale will close sometime in June, right before the meeting of when Starboard will seek to replace the board with shareholders.

Even though some of the most frequently visited websites are still under Yahoo, Google and Facebook simply outmatch the ailing Internet pioneer in terms of online advertisement.