Internet Earnings: ‘Growth Company’ AOL Isn’t That, Yet; IAC Back In The Black

In other earnings related news today, Aol has decided it wants to be an “internet growth company,” according to CEO Tim Armstrong in the company’s Q1 earnings statement today. What that means, we don’t know, but the company is still finding its feet since spinning off from Time Warner late last year: the company reported a 58% drop in profit, to $34.7 million, on a 23% decrease in revenue ($664 million).

The company noted that it reduced expenses by $139 million, thanks to its selling-off of legacy products (like today’s announcement that it would sell ICQ as well as AOL’s plans to sell-off Bebo) and, of course, its reduction in staff.

No word yet on Seed or Aol’s other new initiatives, but it’s early yet.

In other parts of the Internet, IAC grew revenue 16 percent in Q1 2010, resulting in profits of $3.5 million, driven by ad revenue at The Daily Beast experienced growth this quarter, too, though IAC doesn’t quantify that growth. We’ll hope to hear about it in today’s earnings conference call and let you know.