AOL to cut 5,000 jobs worldwide to boost profit

AOL internet company is looking to cut 5,000 jobs over the next six months in a bid to boost profits.

About 3,000 staff in AOL’s European divisions, including the UK, France and Germany, will be made redundant.

Media group Time Warner, AOL’s owner, estimated that the cuts would cost $250m (£132m), with about half of that cash going on payments to outgoing staff.

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A company spokeswoman said that AOL, which is facing stiff competition from other internet providers, had decided to focus more on growing its audience.

The company is expected to announce more details of the job cuts in October.