Time Warner's AOL, which is set to be spun off "around the end of the year," had a rocky second quarter as revenue fell 24 percent from a year ago amid a weak advertising market.
According to Time Warner's second quarter release, AOL saw revenue skid 24 percent for the three months ending June 30 to $804 million. Operating income fell 28 percent to $165 million. AOL and Time Warner filed documents detailing its spin-off plans on Monday.
By the numbers:
- AOL's subscription revenue fell 27 percent as the company lost 510,000 dial-up subscribers to end the quarter with 5.8 million customers.
- AOL's ad business fell 21 percent due to lower ad network, display and paid-search revenue.
- The unit had 107 million average monthly unique visitors and 51 billion U.S. page views.
Overall, Time Warner reported second quarter net income of $519 million, or 43 cents a share, on revenue of $6.81 billion, down 8.8 percent from a year ago. Time Warner presented its results to account for the spin-off of Time Warner cable. Wall Street was expecting earnings of 37 cents a share.
Here's a snapshot of Time Warner's revenue picture overall.