NEW YORK – Internet company AOL Inc. says its fourth-quarter net income grew from a year-ago period that was weighed down by hefty restructuring costs, but revenue fell sharply on weak advertising sales.
AOL sought to reassure investors that its turnaround is well on its way toward fruition, saying it will start to see growth in the second half of the year.
“A year ago we were dealing with a ‘sick company’ and laying off 30 percent of our work force,” CEO Tim Armstrong said in a conference call with analysts. “We have come a long way and our journey is just beginning.”
AOL’s advertising revenue plunged 29 percent during the quarter to $331.6 million. Its net income for the October-December quarter totaled $66.2 million, or 61 cents per share. That’s up from $1.4 million, or a penny per share, from a year ago.
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