AOL Misses Earnings Estimates On Revenue And Earnings
The newly kicked out of the nest AOL reported earnings of $584.1 million, though Wall Street had expected about $602 million. And because of a massive ($1.4 billion) impairment charge, the company reported a loss for the quarter of $1.3 billion.
Meanwhile in Q2:
- Patch’s operations nearly doubled, moving into 39 new towns up from a total of 44 at the beginning of the quarter
- AOL reduced its expenses by $73.2 million since last quarter
- Advertising revenue fell across the board, which the company attributed in its earnings statement to lower third party network revenue and fewer deals overseas.
- In addition to reminding us that AOL has dumped Bebo and ICQ recently, we learn from the earnings statement that the company also has agreed to sell its stake in Kayak.com for $18.9 million.
