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.
AOL CEO Tim Armstrong has been pushing AOL to become an advertising leader by acquiring video ad tech company Adap.tv for $405 million last year and big data online marketing company Convertro for $101 million yesterday. Armstrong said that the company’s “investment in global media and technology platforms is allowing AOL to compete on a global scale.”