June 10, 2002
EarthLink Agrees to Buy PeoplePC for $10 Million
ATLANTA -- EarthLink Inc. agreed to acquire PeoplePC Inc., a seller of low-cost computers and Internet access, for about $10 million.
Despite several high-profile deals with companies such as Ford Motor Co. and Delta Air Lines, PeoplePC has struggled to make any money. The company had a loss of $8.8 million on revenue of $48 million in the first quarter, while membership grew to 588,00 members from 496,000 a year earlier. As of March 31, the company had cash and restricted cash of $13.7 million and $5.7 million in accounts receivable. (WSJ)
My spin: I think Earthlink is wasting their money...Earthlink should stick to its core business of providing Internet access and consider other options for growth.
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