• by Ross Fadner , July 27, 2012

During a second quarter earnings call with reporters on Wednesday, AOL CEO Tim Armstrong singled out video advertising as a growth driver for the company in the near-term.

Armstrong highlighted AOL’s efforts to use data to increase its video, mobile and targeted advertising revenues. He said the company had “very strong” pricing for Project Devil, its digital advertising product, and its video offerings. “I expect video to remain a very strong marketplace,” he said.

AOL’s video line-up is about to be expanded with HuffPost Live, a new video program on The Huffington Post that begins Aug. 13 and includes 12 hours of live streaming video per day.

In April, the Web media giant bowed a new premium video hub called AOL On.

During the call, the company said that both Project Devil and video impressions grew 100 percent versus the second quarter of 2011.

AOL reported earnings of $970.8 million, up from a loss of $11.8 million over the same time period last year. The massive increase was mostly due to a patent deal that closed with Microsoft on June 15 and accounted for a $945.8 million gain for the quarter.