UPDATE: AOL Posts Lower Q1 Profit
AOL (NYSE: AOL) reported a drop in its first-quarter profit.
AOL's quarterly earnings declined to $9.3 million, or $0.11 per share, versus $35.9 million, or $0.32 per share, in the year-ago period.
Its revenue rose 8% to $583.3 million. However, analysts were expecting earnings of $0.45 per share on revenue of $576 million.
The company's press release offered the following comment from Tim Armstrong, AOL Chairman and CEO:
“Q1 marks the 5th consecutive quarter of consumer, revenue and Adjusted OIBDA growth.”
AOL's global advertising revenue jumped 16%.
AOL shares gained 0.83% to close at $43.90 yesterday.
© 2016 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.