AOL reports Q4 revenues of US$679m

6 Feb 2014

Internet giant AOL reported fourth-quarter revenues of US$679m, up 13pc on the same period last year. Global advertising revenue grew 23pc while subscription revenue declined 10pc year-on-year.

“(The year) 2013 was AOL’s most successful year in the last decade, and we accomplished our goal of industry-level growth at scale for AOL,” said Tim Armstrong, AOL chairman and CEO.

“AOL’s exceptionally talented team continues to execute against our strategy and our results show meaningful progress in the most important areas of media and technology. AOL plans to invest in our market-leading strategies in 2014, while we continue to grow the company.”

The company, which also owns titles like the Huffington Post and TechCrunch, employs 170 people in Dublin and last week said the Irish operations will be spearheading a major transformation of its advertising and content technologies.

In its fourth-quarter results, AOL said it took a US$13.2m charge related to a reduction in personnel, including its spinning-out of local news outfit Patch, which will be majority owned by Hale Global.

AOL also reported it had more than US$2bn worth of cash and assets.

AOL image via KellyReeves on Flickr

John Kennedy is a journalist who served as editor of Silicon Republic for 17 years