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10/23/2003

AOL still losing

The Associated Press

NEW YORK — Time Warner Inc. reported continued problems at its struggling AOL division Wednesday, including more losses of subscribers and declining revenues, even as the overall company posted sharply higher profits for the third quarter.
The giant media company, which officially dropped “AOL” from its corporate name earlier this month, said Wednesday it earned $541 million, or 12 cents a share, in the three months ending Sept. 30, versus $57 million, or 1 cent a share, in the same period a year ago.
Revenues rose 4 percent to $10.33 billion from $9.96 billion in the same period a year ago.
The AOL division lost 688,000 subscribers during the quarter, bringing its total subscriber base to 24.7 million, 2 million lower than at the same time a year ago.