Earthlink (NSDQ: ELNK) today posted a wider-than-expected loss of $79.4 million for Q307, including a $41.9 million write-down related to its Helio MVNO and a $54.8 million restructuring charge. While revenue was down to $298.8 million from $331.3 million a year earlier, it beat Wall Street’s estimate of $294.2 million.

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—Helio: The MVNO joint-venture with SK Telecom (NYSE: SKM) posted $51.7 million in revenue; the net loss was $92.3 million. In September, SK Telecom committed $270 million towards the business, and Earthlink advanced it $30 million to cover day-to-day operations. Earthlink reiterated that it does not expect to be part of any future funding rounds for the business but will continue to retain a “meaningful” ownership stake. Kevin Dotts, CFO: “Combined, the restructuring and Helio announcements materially alter the risk profile and potential returns to EarthLink shareholders. While EarthLink is participating in some potentially attractive growth opportunities, the company is no longer investing significant amounts of current operating cash.”

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