Dive summary: 

• AOL has posted solid first quarter earnings as the brand attempts to reinvent itself. 
• Although overall revenue was up 2% to $539 million, beating out analysts predictions, industry investors are still weary that the bulk of profits are coming from dial-up -- a technology with declining use. 
• In recent years, AOL has been working to turn the brand into a media company with acquisitions of  The Huffington Post, Engadget, Patch and TechCrunch; although these are still running at a $5 million loss, that number is up from $16.8 million loss a year ago. 

From the article: 

"One bright spot was display ad growth. Revenue from AOL's media sites increased 14 percent to $189.6 million, on the basis of ad sales. Display ad sales went up 6 percent to 140.4 million. This is particularly striking as competitor Yahoo reported an 11 percent loss in display ad revenue."