AOL shares tumble over plans to reinvest in websites

AOL has tumbled the most in nine months after CEO Tim Armstrong outlined plans to reinvest in websites, such as The Huffington Post, in a bid to reach a more global audience and be more competitive.

“Brands like The Huffington Post will become global platforms,” Mr Armstrong said yesterday, after the company reported fourth-quarter profit that topped analysts’ estimates.

The company’s big brands will “get bigger quickly”, he said. This year “is going to be investment mode”.