Friday, February 29, 2008
Helio Continues To Bleed Cash
Earthlink, which along with SK Telecom is backing Los Angeles-based MVNO Helio, released the financial results of Helio Thursday as part of it quarterly earning report. According to a filing with the SEC, Helio had a net loss of $326.5M for 2007, on total revenues of nearly $171M for the year. Helio -- which recently shuffled its executive lineup -- now has an accumulated deficit of $560M. Helio's former CEO, Sky Dayton, stepped down from the position in January but remains chairman of the board.