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October 15, 1997updated 03 Sep 2016 6:56pm

EARTHLINK CUTS ITS Q3 LOSSES BUT WORSE THAN EXPECTATIONS

By CBR Staff Writer

Troubled internet service provider Earthlink network Inc has reported third quarter net losses of $7.2m , down from $10.1m losses last time, on revenues that rose 105.7% to $20.6m. For the nine months net losses were $23.3m, up from $21.8m the previous year, on revenues that were up 173.6% to $55.2m. Wall Street was looking for better numbers than this however, around $0.45 losses per share as opposed to $0.72 reported Earthlink closed a $15.5m private placement after the quarter ended, which was desperately needed. Some $5m of the money came from George Soros’ investment company. The treacherous financial position caused the resignation of chief financial officer Barry Hall last month.

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