AOL-Time Warner losses shrink
Internet revenues up 13.4%
AOL-Time Warner has seen its losses shrink from $924 million a year ago to $734 million this quarter, boosted by an increase in AOL Internet subscriptions.
Now the world's biggest media and Internet company following the $124 billion merger at the start of the year, AOL-Time Warner has seen revenue increase in every area of its business (Internet, cable, films, networks, publishing) except music. Total revenue rose 3.3 per cent for the quarter (year-on-year) to $9.2 billion.
The revenue increase in film was disappointing but was more than offset by a big jump in Internet and cable revenues (up by 13.4 per cent and 13.9 per cent respectively). AOL added 1.3 million users worldwide, bringing its total subscribers to 30.1 million. Costs were also cut by the sacking of 6,200 staff since the merger took place.
AOL-Time Warner shares rose very slightly on the results. For more info see the formal announcement on the company's site here. ®