New York – Attempting to reinvent itself as a standalone
content business was costly for AOL (NYSE: AOL) during the second quarter, with the company
reporting a net loss of more than $1 billion and a 26% drop in revenue. The
numbers were affected by a goodwill impairment charge of $1.4 billion related
to AOL’s sale of social network Bebo, as well as a 27% decline in advertising
The loss of $1.1 billion in down from a profit of $90.7 million a year
"We continued our efforts to successfully reposition AOL for growth
and the company is getting healthier every day," said CEO Tim Armstrong.
"Although we have much more significant goals for the future of AOL, we
are pleased with this quarter’s internal and external trends."