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AOL Latin's Loss Narrower Than Expected

February 15, 2001|Reuters

America Online Latin America Inc. posted a fiscal second-quarter loss that beat Wall Street's estimates as membership and revenue increased from the preceding quarter. The Internet company also said it had received an additionalx $150 million in financing, with shareholders Cisneros Group and AOL Time Warner Inc. investing about $130 million in preferred stock and Brazil's Banco Itau investing about $20 million in Class A common stock. The Fort Lauderdale, Fla.-based firm reported a loss of $101.8 million, or 35 cents a share, better than the 42-cent loss analysts expected, on sales of $7.9 million. The company was formed in November 1999. AOL Latin America shares rose 16 cents to close at $5.16 on Nasdaq.

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