AOL Time Warner Posts Massive Net Loss
NEW YORK (Reuters) - AOL Time Warner Inc. , the world's largest Internet and media company, on Wednesday posted a $54.2 billion net loss, believed to be the largest ever U.S. quarterly net loss, after taking a whopping charge.
The company, home to CNN, People magazine, and television shows like "The Sopranos," also reigned in its 2002 expectations for growth in earnings before interest, taxes, depreciation and amortization (EBITDA) -- a key measure of cash flow -- to a range of 5 percent to 9 percent from a range of 8 percent to 12 percent.
The Internet and media giant posted a first quarter net loss of $54.2 billion, or $12.25 a basic share, compared with a net loss of $1.37 billion, or 31 cents a share, a year earlier.
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