AOL (NYSE:AOL) on Wednesday morning reported a profit of $970.8 million, or $10.37 per share, compared to last year’s loss of $11.8 million, or 11 cents per share. Adjusted earnings of 23 cents vastly outdid Thomson Reuters estimates for 10 cents.
AOL’s revenue declined 2% from $542.2 billion to $531.1 billion, the smallest-percentage decrease the company has seen in seven years, and easily beating analysts’ forecasts of $519 million.
AOL shares had gained about 5% in early-morning trading.
Advertising revenue increased 6% in the past year, from $319 million to $337.8 million, due in part to a 19% growth in Third Party Network revenue.
In terms of traffic, there were 112 million unique visitors in AOL in the second quarter.
The growth comes on the heels of a $1.056 billion patent transaction with Microsoft (NASDAQ:MSFT).
— Ryan Hauck, InvestorPlace