New York
– In its first quarterly filing since splitting with former parent Time Warner (NYSE: TWX),
AOL (NYSE: AOL) on Wednesday posted a fourth-quarter profit of $1.4 million.
That’s up from
a loss of $1.96 billion in the same quarter a year ago, when the company took a
$2.2 billion charge, and also took into account $107 million in restructuring
costs.
The news, however, wasn’t all good for the company, which continued to
hemorrhage dial-up Internet subscribers and also saw its ad revenue slip 8%.
All told, revenue fell 17% to $809.7 million.
"We have made significant
progress in support of the long-term vision we see in the future of AOL, but
today’s results continue to reflect the need for our focus and execution on the
work required in the turnaround of the company," said Tim Armstrong, AOL’s
chairman and CEO.
AOL officially spun off from Time Warner on Dec. 10.
Related Links:
http://snipurl.com/u9k0q
