UPDATE: AOL Posts In-Line Q3 Profit, Revenue Beats View

AOL

reported in-line earnings for the third quarter. The New York-based company posted quarterly earnings of $28.5 million, or $0.35 per share, compared to $2 million, or $0.02 per share, in the year-earlier period. Excluding certain items, the company's earnings dropped to $0.52 from $0.56 per share. Its revenue gained 12% to $626.8 million. However, analysts were expecting earnings of $0.52 per share on revenue of $623.52 million. Global advertising revenue gained 18% to $473.4 million in the quarter. Revenue from properties display came in mostly flat, while properties search rose 3%. AOL's revenue from subscriptions for Internet access fell 5% to $153.4 million. Subscriber count dropped around 9% to 2.3 million in the quarter. The company had $458 million of cash and equivalents at September 30. “In Q3, AOL continued its strong growth in consumer traffic, revenue and profitability across its portfolio of assets,” said Tim Armstrong, AOL Chairman and CEO. “AOL is a leader in global content, video, mobile, and programmatic advertising and is positioned directly at the center of the most disruptive changes happening online and offline in culture and code.” AOL shares rose 0.64% to close at $43.87 yesterday.