NEW YORK (AP) — Internet company AOL is reporting a smaller net loss for the second quarter even though revenue fell, because last year’s quarter was weighed down by a huge accounting charge.
AOL Inc. said Tuesday that it lost $11.8 million, or 11 cents per share, in the three months that ended June 30. A year ago it lost $1.06 billion, or $9.89 per share. That was due largely to a write-downs of $1.41 billion for the declining value of its assets and the sale of social networking site Bebo.
AOL says its revenue fell 8 percent to $542.2 million from $592.2 million. Analysts had expected lower revenue of $535.1 million.
Advertising revenue grew 5 percent to $319 million, helped by AOL’s acquisition of Huffington Post.