Digital media and entertainment company AOL reported better-than-expected quarterly revenue, helped by a 60 percent jump in advertising revenue in its third-party platform.
AOL, whose shares were up nearly 4 percent in premarket trading, also said it approved a $150 million share buyback program. (Click here for the latest quote.)
AOL Chairman and CEO Tim Armstrong told CNBC right after the earnings release: "It's another quarter for us for consumer growth. We were the fastest growing multiplatform company."
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"When we think about the future of media and the future of advertising, it's going to be a multiplatform world," he said in a "Squawk Box" interview, adding that people are consuming more content, more often across all devices.
Advertising has become a major revenue stream for AOL, the owner of the Huffington Post news website and the TechCrunch blog, especially as the company moves away from dial-up subscription service.
Advertising revenue increased 20 percent to $451.7 million, in the second quarter ended June 30, helped by the acquisition of video advertising platform Adap.tv and increased "programmatic" advertising.