AOL just released its financial results for the first quarter of 2010, reporting another drop in total revenues.
If revenue dropped 17% year-over-year in the last quarter of 2009 compared to the same period a year before, its total revenues for the past quarter were down a painful 23% compared to the first quarter of 2009.
AOL has disclosed that it has sold ICQ to Digital Sky Technologies for $187.5 million in cash, and that it is still considering a sale or shutdown of social network Bebo this year.
Zooming in on the advertising part of the equation, Q4 revenues on that level dropped 19% year-over-year, from $439.8 million in the first quarter of 2009 to $354.3 million in Q1 2010.
Revenue from international display advertising, in particular, took quite a nosedive with a 29% drop year-over-year. Search and contextual advertising also took a hit: -27%.
On a slightly more positive note, AOL has reduced costs in Q1 2010 as operating expenses declined $139 million versus the first quarter of 2009.
The company had $262.4 million of cash-on-hand, or approximately $2.45 per share of cash, on its balance sheet on March 31, 2010.
