Webwire: AOL profit slumps; Google blocks tethering app

AOL’s profit fell 86% to $4.7 million (€3.1 million) in 1Q11, as lower subscription revenue offset the first gains in display advertising earnings in three years.
Google has started disabling access to unofficial wireless tethering apps on Android Market for customers of operators including AT&T and Verizon.
Shares in Chinese social network RenRen soared 40% in the first day of trading on the New York Stock Exchange, after raising $743.4 million (€501 million) in an IPO.
Kuwait's Zain disappointed analysts in the first quarter despite growing profit 36% to 69.9 million dinar (€171 million) and active users 20% to 37.6 million.
Sources say AT&T, Verizon Wireless and T-Mobile have scaled back plans for mobile payment joint venture ISIS, deciding to set up a mobile wallet service that works with Visa and MasterCard, rather than a full-fledged mobile payment network that would compete against the credit card companies.