UPDATE 1-AOL quarterly profit rises on strong ad sales

Feb 8 (Reuters) - AOL Inc reported its best quarterly revenue growth in eight years because of strong search and third-party network advertising sales.

The company said on Friday that total revenue rose 4 percent to nearly $600 million in the fourth quarter, beating analysts' estimates of $573.7 million, according to Thomson Reuters I/B/E/S.

Advertising revenue, an important metric for the company as it moves away from subscription-based dial-up services and emphasizes its media properties like the Huffington Post and Patch, rose 13 percent to $410.6 million.

AOL's board also authorized the repurchase of $100 million in stock.

Net income rose to $35.7 million, or 41 cents per share, in the fourth quarter from $22.8 million, or 23 cents per share, a year earlier. Earnings per share were in line with analysts' estimates.