FILE - This publicity file photo released by Warner Bros., shows the character Gollum voiced by Andy Serkis in a scene from the fantasy adventure "The Hobbit: An Unexpected Journey." (AP Photo/Warner Bros., File)
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FILE - This publicity file photo released by Warner Bros., shows the character Gollum voiced by Andy Serkis in a scene from the fantasy adventure "The Hobbit: An Unexpected Journey." (AP Photo/Warner Bros., File)
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FILE - This undated handout file photo released by Columbia Pictures shows Daniel Craig as James Bond in the action adventure film, "Skyfall." According to studio estimates Sunday, Dec. 9, 2012, "Skyfall" took in $11 million to move back to No. 1 in its fifth weekend. That puts it narrowly ahead of "Rise of the Guardians," the animated adventure of Santa, the Easter Bunny and other mythological heroes that pulled in $10.5 million.(AP Photo/Sony Pictures, Francois Duhamel, File)
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FILE - This publicity film image released by Columbia Pictures shows Daniel Craig as James Bond in the action adventure film, "Skyfall." (AP Photo/Sony Pictures, Francois Duhamel, File)
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In this undated publicity photo released by Lionsgate, Natasha Calis stars as Em in the film, "The Possession." (AP Photo/Lionsgate, Diyah Pera)
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This undated image provided by Rocky Mountain Pictures, shows an undated film clip from "2016: Obama's America". Hollywood may have run out of summer hits, but an anti-Obama documentary is helping fill the gap. "2016: Obama's America"was expanded from limited to nationwide release and took in $6.2 million to finish at No. 8,Sunday, Aug. 26, 2012. (AP Photo/Rocky Mountain Pictures)
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Sylvester Stallone attends the premiere for "The Expendables 2" at Grauman's Chinese Theatre on Wednesday, Aug. 15, 2012 in Los Angeles. (Photo by Jordan Strauss/Invision/AP)
AOL stock soars after 4Q revenue grows
NEW YORK (
AP) — Shares of
AOL Inc. soared Friday after the Internet company said its quarterly revenue grew for the first time in eight years, helped by strength in worldwide advertising.
Net income jumped 57 percent to $35.7 million, or 41 cents per share.
Revenue grew by 4 percent to $599.5 million.
Analysts, on average, expected earnings of 54 cents per share on revenue of $571.8 million, according to FactSet.
AOL split from Time Warner Inc. in 2009 and has been trying to increase revenue ever since by shedding unprofitable businesses and buying popular sites such as the Huffington Post and the technology blog TechCrunch. The quarter's surprise revenue growth pointed to that strategy paying off.
Advertising revenue climbed by 13 percent to $410.6 million. Subscription revenue — money from its fading dial-up Internet service — fell 10 percent to $174.2 million.
Shares of New York-based AOL Inc. rose $2.50, or 8 percent, to $33.91 in morning trading. The stock has traded in the 52-week range of $16.80 to $43.93.
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