AOL swings to Q4 profit
First quarterly financials since separation from Time WarnerNEW YORK -- AOL on Wednesday posted its first quarterly financials since its separation from Time Warner last month, reporting a swing to a profit.
The online firm recorded a fourth-quarter profit of $1.4 million, compared with a loss of $1.96 billion in the year-ago period, which included a $2.2 billion impairment charge. Revenue fell 17% to $810 million.
Full-year 2009 profit swung to a $249 million profit from a 1.53 billion loss on a revenue decline of 22% to $3.26 billion.
"2009 marked the closing of an important chapter in AOL's history and the opening of a new chapter that we are passionately pursuing," said chairman and CEO Tim Armstrong. "We have a clearly defined strategy, and we enter 2010 incredibly focused on day-to-day execution."