All Things D | Reuters | AOL press release
AOL said Tuesday that its second-quarter loss narrowed to $11.8 million, or 11 cents a share, compared to a loss of $1.06 billion, or $10.02 a share a year ago. Revenue fell 8 percent to $542.2 million from $592.2 million. Analysts had expected revenue of $535.1 million. Ad sales increased for the first time since former Google salesman Tim Armstrong took over the company. Patch, AOL’s network of hyperlocal sites, was in 846 towns by the end of the quarter and is on track to hit 1,000 by year’s end, reports paidContent.
AOL’s subscription revenue continues to dwindle away (though more than 3 million people are still paying it connect to the Internet) and the company is continuing to plow money into initiatives like its Patch local play. So AOL posted a net loss of $11.8 million, and an operating loss of $5.8 million, on revenues of $542 million.