AOL's revenues dropped 17 percent due to declining subscriptions and a weak online advertising market as the company reported its first quarterly financial figures since spinning off from Time Warner.
Revenue came in at US$809.7 million for the fourth quarter of 2009, down from $974.2 million from the same quarter a year prior.
Net income for the quarter was a modest $1.4 million. For the same period a year prior, AOL lost $1.9 billion due to a $2.2 billion non-cash goodwill impairment charge.
AOL became an independent, publicly traded company in December after Time Warner spun it off via an initial public offering. In recent years, AOL has sought to change its business model, moving away from being an ISP (Internet Service Provider) and focusing on becoming an online advertising and content services company.