Excite@Home reported net loss of $5.43 billion in 4th quarter end...
Excite@Home reported net loss of $5.43 billion in 4th quarter ended Dec. 31, despite 31% increase in revenue to $169.1 million and net operating loss of $36 million, as it took $5.4 billion noncash charge to write down assets…
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from money-losing acquisitions. Excite@Home, which added 643,000 high-speed data subscribers in quarter to end year with 2.96 million, also reduced its revenue and earnings forecasts for first quarter 2001 and full year because of expected 30-35% drop in media and ad revenue. Broadband company also said it would “exit certain noncore businesses,” cutting its iMall e-commerce hosting and Enliven rich media advertising units, to slash costs and focus on broadband subscriptions and profitability. Excite@Home said it expected much lower loss of 24 cents per share this year after taking charges and carrying out changes, with most of that loss occurring in first half of year. It’s targeting growth in its broadband subscriber total to 3.9-4.0 million by midyear and 5.2 to 5.5 million by year-end.