AOL, Inc. (NYSE:AOL) released its earnings before opening bell this morning, reporting diluted earnings per share of 32 cents, compared to 22 cents per share in the same quarter a year ago. The company’s total revenue for the quarter was $538.3 million. Analysts were expecting the company to report quarterly earnings of 45 cents per share on revenue of $542 million.

AOL

As a result of the company’s significant earnings and revenue misses, shares of AOL, Inc. (NYSE:AOL) fell almost 3 percent prior to opening bell after gaining 1 percent during the trading day on Tuesday.

AOL’s First Quarter Advertising Growth

Even though AOL, Inc. (NYSE:AOL) greatly missed expectations, the company did report growth in all advertising revenue lines for the first time in five years. It said one of the main drivers of its total advertising growth was its return to global display revenue growth. AOL’s global display revenue jumped 8 percent year over year.

The company also reported other areas of growth. Its unique visitors grew 3 percent year over year, while its third party network revenue jumped 10 percent. Global search revenue was up 9 percent. However, subscription revenue fell 9 percent year over year, although that was a slower decline compared to the same quarter a year ago.

AOL’s Share Buyback Program

The company said it began a stock buyback program with Barclays Capital last August, and the program was completed on April 22 of this year. AOL, Inc. (NYSE:AOL) said since the final volume weighted average price was over the adjusted cap price set for the agreement, it won’t be buying back any more shares. Under the program, the company bought back 18.4 million shares at a $32.69 cap price.