Tech company AOL reported gains in revenue and profit during its first quarter, while earnings fell in line with analyst expectations.
However, investors do not seem pleased. Shares of AOL are down 10% in pre-market trading to $37.09 after profits fell short of analyst expectations.
The company posted an earnings per share of $0.32, while total revenue in the first quarter hit $538.3 million, up 2% from the year before. AOL attributes the increase to growth in overall advertising revenue for the first time in five years.
"AOL's strategy of being the first scaled media and technology company is clearly represented in our results today, and we will continue to aggressively drive the company toward near-and long-term growth," said CEO Tim Armstrong in a statement.
AOL split from Time Warner 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 company reported a 3% bump in the number of monthly unique visitors to its digital properties.
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