Terra Attempts Cleanup With $2 Billion Charge


Terra Lycos posted a record 2.01 billion euro ($2.16 billion) loss for 2002 as it wrote down a goodwill charge for its troubled portal business, a clean-up cheered by analysts. Terra’s revenues from media operations slumped by 20 percent to 359 million euros, while its Internet access and services businesses boosted revenues by seven percent to 262 million euros.

Terra reported 3.1 million paying access and communications subscribers by year-end, a 24 percent gain from the previous quarter. But the company continued to see anemic growth in the higher-margin broadband customer segment, rising 11 percent in the quarter to 378,000.

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