This was originally posted at ZDNet's Between the Lines.
Time Warner's AOL, which is set to be spun off "around the end of the year," had a rocky second quarter as revenue fell 24 percent from a year ago amid a weak advertising market.
According to Time Warner's second-quarter release, AOL saw revenue skid 24 percent to $804 million for the three months ended June 30. Operating income fell 28 percent to $165 million. AOL and Time Warner filed documents on Monday.
By the numbers:
AOL's subscription revenue fell 27 percent as the company lost 510,000 dial-up subscribers to end the quarter with 5.8 million customers.
AOL's ad business fell 21 percent due to lower ad network, display, and paid-search revenue.
The unit had 107 million average monthly unique visitors and 51 billion U.S. page views.
Overall, Time Warner reported second-quarter net income of $519 million, or 43 cents a share, on revenue of $6.81 billion, down 8.8 percent from a year ago. Time Warner presented its results to account for the spin-off of Time Warner Cable. Wall Street was expecting earnings of 37 cents a share.
Here's a snapshot of Time Warner's revenue picture overall: