AOL’s recent lower-than-expected growth in advertising revenues was a “hiccup” and did not indicate any “radical disruption” to its business, said Randy Falco, the US television executive who took the top job at the internet division of Time Warner this year.

Mr Falco’s comments to the Financial Times come amid concerns among some analysts and investors that AOL will do worse than anticipated well into next year, and reduce the potential for increases in the share price of its parent. Time Warner’s shares have fallen 17 per cent this year.