SAN FRANCISCO (AP) -- Yahoo Inc. delivered first-quarter results that surpassed analysts' modest expectations, but the performance might not be enough to fortify the Internet pioneer's defense against software maker Microsoft Corp.'s takeover bid.

The Sunnyvale-based company said Tuesday that it earned $542.2 million, or 37 cents per share, more than triple its profit of $142.4 million, or 10 cents per share, at the same time last year.

Most of the first-quarter improvement stemmed from a non-cash gain of $401 million recorded to recognize Yahoo's stake in the parent company of Alibaba.com, a leading e-commerce site in China that went public last year.

If not for the Alibaba windfall, Yahoo would have earned 11 cents per share -- comparable to its profit at the same time last year, on an apples-to-apples basis.

The results were 2 cents above the average earnings estimate on the same basis among analysts surveyed by Thomson Financial.

Revenue climbed 9 percent to $1.82 billion.

After subtracting commissions Yahoo paid its advertising partners, its revenue totaled $1.35 billion -- just $30 million ahead of analysts' average projection.

The performance provided another reminder of the ever-widening gap separating Yahoo from Internet