AOL Posts 23 Percent Decline In Revenues During 1st Quarter As It Prepares For Spin-Off

Time Warner announced first quarter earnings today, giving us a peak at how AOL is doing. It' seen better days. Revenues were down 23 percent to $867 million. Of that advertising revenues made up about half ($443 million), but were down a gut-wrenching 20 percent. Yahoo, in comparison, saw a 12 percent decline in advertising revenues during the quarter, and Google saw 6 percent growth in total revenues on an annual basis. Even Microsoft did better on the online advertising front, suffering a smaller 16 percent drop in the quarter. Also revealed in the 10Q filing with the SEC is Time Warner's intention to separate the old dial-up access business and spin off the rest of AOL: