AOL has sold the instant messaging company ICQ to Russian investment company DST (Digital Sky Technologies) for $187.5 million. AOL had acquired the Israeli startup in June 1998 for $407 million. The sale is apparently part of AOL’s new CEO Tim Armstrong’s decision to sell all internet holdings that are not in line with the company’s strategy. AOL, the internet company spun off from Time Warner, has reported a decline of 58 per cent in its net income at $34.7 million for the first quarter ended March 31, 2010, as compared to $82.7 million for the first quarter of 2009. Revenues fell by 23 per cent from $864.0 million in the first quarter of 2009 to $664.3 million in the first quarter of 2010. According to AOL, its first-quarter profit dropped on declining advertising sales.