Earthlink (NASDAQ:ELNK) reports $37.6 million second-quarter revenue vs. $18.8 million 2Q97. Net loss before charges is better than expected $0.39 loss per share vs. expected $0.55 (fully-diluted shares).
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With charges for its 30% equity sale for $180 million to Sprint loss per share reaches $1.06. PointCast withdraws its IPO plans with this comment from CEO Dave Dorman: “In order to hold strategic partnership discussions without legal constraints, the Company was obliged to request the withdrawal of its Form S-1 Registration Statement with the SEC.”
We think Wall Street may not have been as interested in the IPO as PointCast would have hoped. As we mentioned in our report, PointCast should have gone public in 1996 when it was white hot. It’s still a valuable entity but timing is everything in the deal space. RealNetworks (NASDAQ:RNWK) and Sony Music link up to create a video music Web site that showcases Sony acts and Real’s player. We think this could be the start of a new MTV for the Web and may benefit Real asthe enabler of new media networks on the Web.
@Home (NASDAQ:ATHM) reports second-quarter net loss of $11.1 million, or $0.10 per share vs. a loss of $11.9 million, or $0.12 cents per share a year ago on revenues of $9.2 million vs. $1 million. Its cable Internet sub base grows 63% to 147,000. We’re a little disappointed in the subscriber total. Local ISPs have more than that. We’ve been bullish on ATHM but the users have to ramp to justify its valuation in our opinion.