Big Internet company has quarter loss; but charge is cited by America Online
Article Abstract:
America Online (AOL) lost $353.7 million in its recent quarter, although the company says it experienced strong revenue growth during the period. The loss is blamed on a one-time $358 million pretax charge related to a change in AOL's accounting practices. The company would have had a $19 million profit for the quarter if it were not for the write-off. AOL's stock rose 50 cents during after-hours trading. The company changed from a practice of amortizing the costs of attracting new customers over a two-year period to the more traditional approach of writing off expenses as they are incurred. The $358 million charge effectively eliminates any profits the company has ever made. AOL is the world's largest Internet access and online information company, growing from 150,000 subscribers in 1991 to a current membership of 6.9 million.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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How to get from here to there
Article Abstract:
A new service from Vicinity Corp is providing users with street directions over the Internet. The company's software and computers will determine the shortest, quickest or easiest route between two points and print a map for the user. The map includes turn-by-turn directions, distances between points, and estimated driving times. Vicinity's service is free and available through several Internet information providers, including Yahoo and Travelocity. The user simply enters the street addresses of the starting and destination points and chooses between the quickest, easiest or shortest route available. The points must be in the US and within 300 miles of each other. The service is not perfect, and frequently overestimates driving times or misses the shortest routes. The maps can be saved as documents or sent by E-mail.
Publication Name: The New York Times
Subject: Business, general
ISSN: 0362-4331
Year: 1996
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