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.
Top Posts & Pages
- Chris McDaniel gets a thank you note from Travis Childers
- Nehi Bottling Company has been a Cleveland fixture for 85 years
- UPDATED: House subcommittee tosses discrimination elements from religious freedom bill
- States settle with manufacturers in DRAM price-fixing case
- Quapaw Canoe Company gains legislative support in battle with tax department
- The link between education and economic development
- Reactive Surfaces files lawsuit against Toyota in patent dispute
- Navy supercomputing power to grow
- Irby commits suicide after wife's prison release