Patch misses 2012 revenue target
from Street Fight
Patch missed the $40 million to $50 million revenue target set by AOL for 2012, which CEO Tim Armstrong attributed to disruption from Superstorm Sandy in the fourth quarter during an earnings call. The company remains committed to achieving run-rate profitability for the hyperlocal network by the end of 2013 a goal being reached, in part, through continued cutbacks implemented since Armstrong first announced the projection in last year's second quarter.
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