No surprises due at AOLTW9/28/2003 8:00 PM Eastern
Investors shouldn't expect any big surprises from AOL Time Warner Inc.'s third-quarter results, expected to be released next month, Merrill Lynch & Co. analyst Jessica Reif Cohen said in a report last week. Cohen maintained her previous revenue and cash-flow estimates for the quarter (4% growth for each), but raised projections for subscriber losses at the America Online Internet unit.
Cohen said results will continue to be driven by cable systems and networks, but estimated the online unit would lose about 800,000 subscribers in the third quarter. That's higher than her previous estimates, but below the 1.1 million customers AOL shed in the previous period.