Reuters | Forbes
AOL announced its third quarter earnings Tuesday. Ad revenue grew at the company, but expenses related to Patch weighed on results.
Ad revenue grew 14 percent over the third quarter of 2012 and, as Reuters reports, “the digital media and entertainment company said on Tuesday it took a pre-tax restructuring charge of $19 million and an impairment charge of $25 million, both related to Patch, sending operating income down 61 percent to $16.7 million.”
“AOL’s Q3 results are another step forward in our long-term plan,” Tim Armstrong, AOL Chairman and CEO, said in a news release. “The Q3 results highlight the strength of AOL’s strategy and the consistent execution of our team in delivering great consumer experiences and successful customer results.”