AOL Inc., the Internet company spun off from Time Warner Inc., reported a second-quarter loss because of goodwill impairment costs tied to a decline in its stock price since April.
The net loss of $1.06 billion ($9.89 per share) compared with a net income of $90.7 million (86 cents) a year earlier, New York-based AOL said Wednesday.
Chief Executive Officer Tim Armstrong, who joined AOL last year, is investing in specialized websites and producing more original news to try to reverse slumping display ad sales.
AOL has also been shedding underperforming assets such as San Francisco-based social network Bebo.
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