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.
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