AOL Reports A Second Quarter Loss
August 4, 2010 at 8:27 AM (PT)
AOL has reported a Q2 loss on a $1.41 billion write-down from asset sales and the company's slumping stock price. THE WALL STREET JOURNAL reports, "The company's advertising sales dropped 27% at a time when many online ad businesses showed strong gains, rebounding from the recent economic downturn. AOL was busy retraining its depleted sales force and restructuring its mix of assets, and its chief executive, TIM ARMSTRONG, told analysts on a conference call that 'the chances for a successful turnaround are much higher than they were a year ago.'"
AOL stock was down 2.6% to $20.61 in early trading after its earnings release.