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."
"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.