UPDATE: AOL Posts Drop In Q2 Profit, Plans To Buy Adap.tv

AOL

reported a drop in its second-quarter net profit and announced its plans to buy Adap.tv for $405 million in cash and stock. Its quarterly net income dropped to $28.5 million, or $0.35 per share, from $970.8 million, or $10.17 per share, in the year-ago quarter. AOL's quarterly revenue increased around 1% to $541.3 million, versus analysts' estimates of $539.6 million. AOL shares closed at $36.18 yesterday.