Accounting charge leaves AOL with $1B-plus loss
NEW YORK — Internet company AOL says a $1.4-billion accounting charge pushed the company to a $1-billion-plus net loss in the second quarter.
It also saw advertising revenue fall at an even quicker rate than in the first quarter. And its subscription dial-up Internet business continued to erode.
The company said it lost $1.06 billion, or $9.89 per share, in the April-June period. That contrasts with net income of $90.7 million, or 86 cents per share, in the year-ago quarter.
AOL Inc. says revenue fell 26 percent to $584.1 million. Advertising revenue fell by 27 percent to $296.9 million. Subscription revenue also fell 27 percent to $260.2 million.
To sign up for Mississippi Business Daily Updates, click here.
FOLLOW THE MBJ ON TWITTERMy Tweets
Top Posts & Pages
- Canadian company purchasing Southern Lumber for nearly $50M
- Winchester lands $50M ammunition contract from Homeland Security
- Lawmakers question education leaders about escalating administrative costs
- Deer processors need to use caution to insure safe, tasty venison
- Peavey Electronics reorganizing under new globalization plan
- Pearl ordering rental properties to retrofit with sprinklers, build storm shelters
- C Spire completes acquisition of MegaGate Broadband
- Columbia Parachute expanding, relocating to BusinessPlex
- Tourism conference being held on Coast; industry to ask state for more money