Accounting charge leaves AOL with $1B-plus loss

by Associated Press

Published: August 4,2010

Tags: Internet, telecommunications

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.

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