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Time Warner's


America Online division reportedly plans to cut 700 jobs next month in a concession to declining subscription rates at its flagship Internet unit.

The cuts will occur mainly at the company's headquarters in Dulles, Va., where about 5,000 people currently work, the

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Washington Post

reported. AOL shed 850 jobs in 2003.

Time Warner reports earnings Wednesday and is expected to post a profit of 14 cents a share, up from 12 cents last year. The company reported total AOL subscribers of 23.4 million in the second quarter, down about 2 million from the second quarter of 2003.

The stock was unchanged at $16.38 in premarket trading.