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AOL beats expectations despite 66% profit drop
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AOL’s profits fell 66% year on year to USD22.8m as a costly turnaround aimed at refocusing the company as a media and ad firm continues to eat into its bottom line. Revenues fell 3% from USD596m in Q4 2010 to USD576.8m in the same period last year, but the firm’s performance was better than analysts had expected after display ad sales increased for the fourth straight quarter. CEO Tim Armstrong says the acquisitions of the Huffington Post and TechCrunch helped to boost ad revenue, with display ad revenues up 15% year on year.
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