Total revenues for the quarter were down 26 percent, from $763.9 million to $563.5 million, in the previous year. This slightly tops Wall Street expectations of $557 million.
Profit, meanwhile, surged thanks to cost-cutting and the gains on the sales of ICQ and its Kayak investment. Net income increased to $171.6 million, or $1.60 per share, from $74.0 million or $0.70 per share last year.
(We reported on AOL’s Q2 2010 earnings here if you would like to compare).
Advertising revenue fell 27 percent to $292.8 million on declines in search, display and third-party ads, AOL reported. Subscription revenue dropped 26 percent to $244.8 million.
A couple of days ago, the company announced that it sold buildings and land on its Dulles campus, netting it $144.5 million in cash. Below are the earnings slides for the quarter.