Rumors have swirled about Yahoo's plans since it announced in December it would not complete the planned spinoff of its Alibaba stake amid concerns over whether it would be taxed. During its decision process, the company faced pressure from activist investor Starboard Value.
Yahoo shares have fallen about 35 percent in the last year.
During her tenure, the embattled Mayer has focused on growth in mobile, video, native advertising and social. For the fourth quarter, the collective "Mavens" businesses saw $472 million in sales, up from $375 million in the previous year.
Mayer said the company expects revenue in the segment to top $1.8 billion this year, up from $1.7 billion in 2015.
On the call, she stressed that Yahoo will focus on investing in mobile search and driving engagement on mobile platforms.
"We see mobile search as the biggest opportunity," Mayer said.
Gross mobile revenue for the fourth quarter climbed to $449 million from $413 million in the previous year. But gross search revenue fell 7 percent to $866 million. Paid clicks, a key advertising metric, dropped 10 percent.
Yahoo's sluggishness in advertising comes after Internet rivals Facebook and Google parent Alphabet topped fourth-quarter earnings expectations, largely on strong growth from their ad businesses.
The company separately said Charles Schwab would leave its board, adding that it was "not due to any disagreement with Yahoo" on operations.