The launch of new services in Mexico and Argentina, together with increased marketing spend in Brazil, are blamed for spiralling losses at AOL Latin America – up from Q3's $23.3 million to $46.7m in the fourth quarter.

Focusing on the bright side, AOL reported that its subscriber base had more than doubled to 250,000 at the end of August, although conceding that an unspecified number are not paying for access under a new-member recruitment deal. Because of this, says chief executive Charles Herington, subscriber revenues will not rise significantly until the next fiscal’s second quarter, ending December 31.

The annual loss is $97.9 million (38 cents a share) on revenue of $9.2 million.

News source: Wall Street Journal