AOL posted its first quarterly earnings since being spun-off from Time Warner late last year. Total revenue came in at $809.7 million, down from $974.2 million in Q4 2008, a 17% drop. "We have made significant progress in support of the long-term vision we see in the future of AOL, but today's results continue to reflect the need for our focus and execution on the work required in the turnaround of the Company," said Tim Armstrong, Chairman and Chief Executive Officer.