AOL revenues up…

Losses widen

AOL Time Warner has delivered some upbeat news with the publication today of its Q3 results.

The monster Internet and media group reported that total revenues for the three months ended September 30 increased six per cent to $9.3 billion from $8.8 billion during the same quarter last year.

Earnings before interest, tax etc (EBITDA) was up 20 per cent to $2.5 billion.

Q3 net loss was $996 million - up from $902 million during the corresponding period last year.

Focusing just on the America Online Internet operation, Q3 revenues rose from $1.9 billion in Q3 2000 to $2.2 billion this year. Subscription revenues for its service increased 14 per cent to $1.4 billion.

Interestingly, AOL's advertising and commerce revenues were up 5 per cent on last year at $624 million.

EBITDA outperformed group earnings - up 22 per cent at $742 million.

In a statement CEO, Jerry Levin, said: "The keys to our success in this difficult environment are clear. AOL Time Warner greatly benefits from the diversity of our revenue streams and the quality of our assets, built on a strong strategic and financial foundation."

Earlier this week AOL announced it now had more than five million members in Europe. ®

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