AOL Shares Fall on 2003 Outlook

NEW YORK–AOL Time Warner stock fell 14 percent to $14.21 on the New York Stock Exchange Tuesday following the company’s disappointing forecast for its America Online Internet unit.

The New York-based media giant said that declines in advertising and commerce revenues at America Online will offset the growth in subscription income next year, resulting in flat overall revenues for 2003. Total revenues for the AOL division are projected to be $8.8-$9 billion in 2002.