AOL Reports Small Profit in First Earnings After Spinoff

AOL (AOL), the parent company of DailyFinance, posted a small profit in its first earnings report since the company spun off from Time Warner (TWX), following nearly a decade as part of the media giant.

CEO Tim Armstrong acknowledged the company has much work to do as part of its turnaround effort. In results that beat Wall Street expectations, AOL said net income for the fourth quarter was $1.4 million, compared with a loss of $1.9 billion one year ago.