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AOL has insane expenses, negating all the revenues. They netted negative billion dollars in Q2 (in just one quarter!).

Buying AOL would be just dumb. I don't see them being profitable any time soon (if ever).

But most recent quarters have been positive with income in the tens of millions. Q2 had a large one time write down from restructuring.

You're right.

However their margins are razor-thin in the previous quarters. Like Q4 of 2009 - net income of 1.4M (with 809M revenue).

We'll see how the restructuring goes.

You may be looking at the quarter where they wrote of Bebo, ICQ and a bunch of other assets