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The stock of AOL on Tuesday soared more than 15 percent after the company reported better-than-expected third-quarter financials, which seemed to give investors confidence in the company’s continuing turnaround.
As of 12:35pm ET, the stock was up 16.3 percent at $41.66. The company’s previous 52-week high stood at $37.94. Its 52-week low is $13.49.
AOL earlier posted third-quarter earnings of $20.8 million, compared with a loss of $2.6 million in the year-ago period. Revenue was unchanged at $531.7 million, which marked the company’s best year-over-year revenue performance in more than seven years.
On the company’s earnings conference call, CEO Tim Armstrong said that the firm would bring in about $100 million in video advertising revenue this year. And he said that after a third-quarter decline of three percent in U.S. display ad revenue, there was upside for that revenue stream. “It will improve,” he said. “Advertising remains a very big opportunity.”
AOL management on Tuesday also reiterated that the company would return to growth in adjusted operating income before depreciation and amortization in 2013.
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