AOL Time Warner posts massive loss


According to Reuters, AOL Time Warner Inc. posted a $54.2 billion net loss Wednesday.

The company also reigned in its 2002 expectations for growth in earnings before interest, taxes, depreciation and amortization 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 per basic share, compared with a net loss of $1.37 billion (31 cents) a year earlier.