NEW YORK (TheStreet) -- AOL (AOL) shares are up 9.06% to $42.96 in early market trading on Friday after the media and tech company reported its first-quarter earnings results before the opening bell today.

The New York City-based company reported first-quarter net income of $7 million, a $2.3 million decline from the same period last year, for an EPS of 34 cents per diluted share. The company also generated $625 million in revenue during the quarter, a 7.1% increase over the previous year.

Analysts on average were expecting the company to report earnings of 32 cents per share on revenue of $593.96 million.

"AOL grew its consumer base strongly and saw continued strength in video, mobile and programmatic advertising, while we also updated the structure and capabilities of the company. AOL continues to grow in strength and we are on a mission to scale the first Media Technology company of the internet and mobile age," said AOL CEO Tim Armstrong in a statement.

Separately, TheStreet Ratings team rates AOL INC as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:

"We rate AOL INC (AOL) a BUY. This is driven by some important positives, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its impressive record of earnings per share growth, compelling growth in net income, revenue growth, largely solid financial position with reasonable debt levels by most measures and reasonable valuation levels. We feel these strengths outweigh the fact that the company shows low profit margins."

Highlights from the analysis by TheStreet Ratings Team goes as follows:

AOL Chart AOL data by YCharts

Must Read: Warren Buffett's Top 25 Stocks for 2015