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Citing a “continuing decline in the advertising market” and “additional expenses incurred by its news-gathering operations, as well as costs in its various businesses associated with the aftermath of the terrorist attacks,” America Online on Monday forecast lower earnings for the coming year.
AOL said it expects to “achieve full-year 2001 EBITDA growth in the 20% range and revenue growth of 5% to 7%,” but that its earnings per share will be lower than previously forecast.
AOL stock rallied in regular trading on Monday, rising $2.65 to $32.50, but was down $1.37 after hours.