Dulles, Va. – Shares of AOL briefly reached a 52-week high early Wednesday after the company announced it swung to a quarterly profit thanks to a 6 percent jump in ad revenue and a one-time gain on the sale of its patents. Click here for the latest price.
The New York-based company, which has significant operations in Dulles, reported net income of $970.8 million, compared with a loss of $11.8 million for the same period in 2011.
Total revenue dropped 2 percent – its lowest rate of decline in seven years – to $531.1 million. (See the chart below.)
“Today’s results represent a significant milestone for AOL as we returned to adjusted OIBDA (operating income before depreciation and amortization) growth for the first time in four years,” said Tim Armstrong, the company’s chairman and CEO.
Armstrong called the results “clear signs our strategic and operating efforts are translating into significant financial progress.”
The numbers got a boost from the company’s $1.06 billion sale of more than 800 patents to Microsoft.
This article was also published in Potomac Tech Wire.