NEW YORK (AP) — AOL Inc. on Wednesday reported its net income declined by 1.1 percent in its second quarter, but its adjusted earnings beat analysts' expectations.
The New York-based company said profit dropped to $28.2 million, or 34 cents per share, from $28.5 million, or 35 cents per share, in the same quarter a year earlier.
Earnings, adjusted for one-time gains and costs, were 45 cents per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of 43 cents per share.
The Internet company said revenue climbed 12 percent to $606.8 million from $541.3 million in the same quarter a year ago, and beat Wall Street forecasts. Analysts expected $593.6 million, according to Zacks.
AOL shares have dropped $7.62, or 16 percent, to $39 since the beginning of the year. However, the stock has increased $3.60, or 10 percent, in the last 12 months.