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High Speed jumps on 2Q results, Allen funding

High Speed Access (Nasdaq: HSAC) rallied up 1 7/16, or 29 percent, to 6 7/16 Thursday after it beat the Street in its second quarter and announced another $75 million in funding from billionaire Paul Allen's companies.

After market close Wednesday, High Speed Access posted a second quarter net loss of $27.3 million, or 49 cents per share, excluding special charges. First Call's survey of two analysts predicted a loss of 61 cents per share for High Speed's quarter ended June 30.

Also Wednesday, the company said two of its major investors, cable operator Charter Communications (Nasdaq: CHTR) and the Vulcan Ventures investment arm of Microsoft co-founder Paul Allen, combined to invest another $75 million in High Speed Access. Allen is also Charter's largest shareholder.

Second quarter revenue for High Speed Access increased 330 percent year-over-year to $2.76 million. Including all charges, High Speed Access lost $28.5 million, or 52 cents per share.

The company had 41,000 cable modem subscribers at the end of June, a 58 percent improvement from 26,000 in March. High Speed Access is currently available to about 2.9 million homes, although the company has the right to offer services on cable networks passing more than 6.6 million homes.>