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
- NEW IN MADISON COUNTY — Mississippi Bio-Medical Business Collaboratory to be introduced Friday
- Mississippi Film Studios signs contract with New Orleans company
- MDOT cutting more than 40 jobs in Right-of-Way Division
- Granddaughter of Barq's Root Beer founder dies at 90
- Turner Grain’s transition will help consolidate lawsuits alleging breach of contract
- GreenTech holds grand opening of neighborhood electric vehicle plant
- Mars Food expanding Delta plant; investing $31M and adding jobs
- Board authorizes sale of company that owns Silver Slipper Casino
- JRA plans image makeover, hires crisis manager