UPDATE: AOL Posts Lower Q1 Profit

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.