AOL just released its financial results for the first quarter of 2010, reporting another drop in total revenues.
If revenue dropped 17% year-over-year in the last quarter of 2009 compared to the same period a year before, its total revenues for the past quarter were down a painful 23% compared to the first quarter of 2009.
AOL has disclosed that it has sold ICQ to Digital Sky Technologies for $187.5 million in cash, and that it is still considering a sale or shutdown of social network Bebo this year.
Zooming in on the advertising part of the equation, Q4 revenues on that level dropped 19% year-over-year, from $439.8 million in the first quarter of 2009 to $354.3 million in Q1 2010.
Revenue from international display advertising, in particular, took quite a nosedive with a 29% drop year-over-year. Search and contextual advertising also took a hit: -27%.
On a slightly more positive note, AOL has reduced costs in Q1 2010 as operating expenses declined $139 million versus the first quarter of 2009.
The company had $262.4 million of cash-on-hand, or approximately $2.45 per share of cash, on its balance sheet on March 31, 2010.
AOL is a global advertising-supported Web company, with display advertising network in the U.S., a substantial worldwide audience, and a suite of popular Web brands and products. The company’s strategy focuses on increasing the scale and sophistication of its advertising platform and growing the size and engagement of its global online audience through leading products and programming. History of Aol: AOL was founded in the early 1980’s as Control Video Corp, with an online service, Gameline, for the Atari 2600 console. ...
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