Patch Misses 2012 Revenue Target

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By: Steven Jacobs | Street Fight Mag

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 a Friday 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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