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| AOL sees revenue growth for first time in eight years | AOL sees revenue growth for first time in eight years |
| (about 4 hours later) | |
| US internet firm AOL has reported its first year-on-year revenue growth for eight years, boosted by strong search and third-party network advertising sales, sending its share price higher. | |
| Total revenue reached $600m (£380m) in the fourth quarter of 2012, up 4% on the previous year and well ahead of analysts' forecasts of $574m. | Total revenue reached $600m (£380m) in the fourth quarter of 2012, up 4% on the previous year and well ahead of analysts' forecasts of $574m. |
| Net profit jumped 57% to $35.7m. | Net profit jumped 57% to $35.7m. |
| AOL has struggled to reinvent itself as a media and news group since its spin-off from Time Warner in 2009. | AOL has struggled to reinvent itself as a media and news group since its spin-off from Time Warner in 2009. |
| In the fourth quarter, advertising revenue - a key measure for the company as it moves away from subscription-based dial-up services to focus on its media outlets such as the Huffington Post - rose 13% to $410.6m. | In the fourth quarter, advertising revenue - a key measure for the company as it moves away from subscription-based dial-up services to focus on its media outlets such as the Huffington Post - rose 13% to $410.6m. |
| Subscription revenue fell 10% to $174.2m. | Subscription revenue fell 10% to $174.2m. |
| For the year, total revenue was flat at $2.2bn while net profit reached $1.05bn, compared with just $13.1m in 2011. | For the year, total revenue was flat at $2.2bn while net profit reached $1.05bn, compared with just $13.1m in 2011. |
| "AOL returned to growth and generated significant value for shareholders in 2012," said chairman and chief executive Tim Armstrong. | "AOL returned to growth and generated significant value for shareholders in 2012," said chairman and chief executive Tim Armstrong. |
| "AOL has strong momentum entering 2013 and is positioned to continue on our growth path by executing our strategy to build the next-generation media and technology company." | "AOL has strong momentum entering 2013 and is positioned to continue on our growth path by executing our strategy to build the next-generation media and technology company." |
| AOL shares were up 6.5% at $33.45 in early afternoon trading. |