As expected, there will be more blood-letting at AOL, where another 20 percent of employees (out of 10,000 total) will be let go. Kara Swisher got a copy of CEO Randy Falco’s Dear John letter to AOL workers, where he lays out his priorities:

Put simply, my vision for AOL is to build the largest and most sophisticated global advertising network while we grow the size and engagement of our worldwide audience.

What it boils down to is that he is doubling down on turning AOL into an advertising network (via Platform-A), keeping traffic up at its destination sites, and continuing to squeeze all the cash that’s left out of the dial-up business. So not a huge strategy shift, other than the renewed focus on advertising. If Falco can make Platform-A work, it will most likely be spun off in a sale or IPO down the road. Anyone care to guess how many employees AOL will have left when that happens?