Tim Armstrong Posts

AOL, Inc. (AOL) revenue hits $583.3 million for the quarter

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AOL, Inc. (NYSE:AOL) announced its first quarter revenue results today. Revenue hit $583.3 million, which is ahead of analyst expectations of $577.7 million. AOL’s ad revenue increased 16% year-over-year to $433.4 million. Net income fell to $9.3 million ($0.11 per share) from $25.9 million ($0.32 per share) a year earlier. Analysts were expecting $0.45 per share.

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AOL CEO Tim Armstrong reverses 401(k) policy after negative publicity

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AOL CEO Tim Armstrong has reversed a decision to change 401(k) benefits after some negative publicity. The change was made originally because of higher healthcare costs. Essentially Tim Armstrong blamed Obamacare for the 401(k) changes and cited two “distressed babies” as a result of their increased expenses leading to a decision that AOL would no longer match 401(k) deposits on a regular basis.
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AOL CEO said that Obamacare forced them to reduce 401(k) benefits

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AOL is scaling back their employee retirement benefits, which the CEO said is because of President Barack Obama’s health care reform. AOL CEO Tim Armstrong went as far as saying that two AOL employees had distressed babies that were born and the company paid a million dollars each to make sure that “those babies were OK in general. And those are the things that add up into our benefits cost.” This is why Armstrong decided to scale back the 401(k) plans that employees have.
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AOL says that Patch.com is not shutting down

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On Monday, the New York Times posted an article about how AOL will be winding down Patch.com’s operations. The New York Times pointed out that AOL CEO Tim Armstrong has a sentimental attachment to Patch.com since he created the service before joining AOL. He also persuaded AOL’s board to buyout the company in 2009.
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Federal Judge Dismisses Stockholder Lawsuit Against AOL, Inc. (AOL)

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On Monday, a federal judge has dismissed a lawsuit filed against AOL, Inc. (NYSE:AOL) by former stockholders.  The former stockholders claimed that some AOL executives committed fraud after buying millions of company shares before Microsoft spent $1 billion buying patents from the company.
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AOL CEO Tim Armstrong Apologizes For Firing Patch Employee Publicly

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AOL CEO Tim Armstrong apologized for firing Patch employee Abel Lenz publicly.  Lenz will remain fired though.  Below is an e-mail that Armstrong sent internally to AOL e-mail employees as posted by AllThingsD:

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AOL CEO Tim Armstrong Fires Patch’s Abel Lenz In Front Of 1,000 People [Audio]

AOL CEO Tim Armstrong fired an employee on Friday during a conference call with members of Patch.  Armstrong officially announced that hundreds of Patch employees were going to be fired and he said that he did not care that information was being leaked to the press.
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AOL, Inc. (AOL) Acquires Adap.tv For $405 Million, Reports Revenues Of $541.3 Million

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AOL, Inc. (NYSE:AOL) has announced today that they have acquired Adap.TV for $405 million.  Adap.TV will enable AOL to let publishers and brands buy and sell online ads in real time.  Adap.tv will be combined with AOL On to create the world’s most powerful cross-screen solutions provider for brands, agencies, and publishers.
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