AOL Sales Beat Estimates On Strong Ad Sales
AOL's quarterly revenue beat market estimates, helped by strong advertising sales as the company works on reducing its dependence on lucrative dollars from its dial up division.
Second-quarter total revenue fell 8 per cent to $542.2 million, hurt by a 23 per cent fall in subscription sales. Advertising revenue rose 5 per cent to $319 million.
Analysts, on average, forecast total revenue of $530.4 million, according to Thomson Reuters I/B/E/S.
Second quarter loss was $11.8 million, or 11 cents per share, compared with a loss of $1.06 billion, or $9.89 per share during the same quarter last year. The prior quarter's results included a goodwill impairment charge of $1.41 billion.
AOL, which spun out from Time Warner after a disastrous decade-long merger, is trying to regain its former shine as one of the world's most popular online destinations.
CEO Tim Armstrong is attempting to reshape the company into a media and entertainment powerhouse that pulls in advertising revenue.
(Reporting by Saqib Iqbal Ahmed and Sayantani Ghosh in Bangalore; Editing by Saumyadeb Chakrabarty)