April 24 ó AOL Time Warner reported a first-quarter net loss of $54.24 billion Wednesday, largely due to a huge $54 billion charge to write down the value of assets. The media giant also lowered its company-wide guidance for the year due to a collapse in advertising at its AOL online unit.
THE ENORMOUS QUARTERLY LOSS was the largest in U.S. corporate history, exceeding the previous largest quarterly loss reported by former telecom high-flier JDS Uniphase of $41.8 billion in its first quarter of 2001.
AOL Time Warnerís loss was almost entirely due to a goodwill writedown related to a sharp decline in the companyís stock, which has fallen by more than half since the merger of America Online and Time Warner announced in January of 2000. In the same period a year ago, AOL Time Warner had a net loss of $1.4 billion.
Maybe now they'll stop sending out those cds