Earthlink (Nasdaq: ELNK) has reported its Q2 earnings numbers today, and Helio, which is half owned by the company, is weighing down heavily on its numbers. ELNK had a loss of $16.3 million in Q2, compared with a profit of $16.6 million a year earlier. Revenues fell 6 percent to $312.2 million from $332.1 million a year ago. Helio exceeded the 100,000 subscriber milestone in the quarter, but the unit’s losses mounted to $83.8 million on revenues of $33.2 million. Earthlink expects to record an equity loss of $160 million to $180 million in 2007 on Helio, it said.

Also, something already reported earlier: EarthLink and SK Telecom will each provide $100 million in additional funding to Helio, subject to future approval of funding requirements. Both have each approved initial funding of $30 million, to be made this week. This loan will be used by Helio to fund day-to-day operating activities to allow Helio to continue to grow its business.

Earthlink’s new CEO, in place for only a few weeks, had to to say in the release: “Over the past four weeks, I have had an opportunity to do initial reviews of each of our business units, as well as the Helio investment....These initial reviews are confirming that we have a number of opportunities that are largely within our control to create meaningful shareholder value in the near term. These opportunities are centered around implementing a more focused business strategy and sizing our cost structure to fit our current business. I look forward to sharing our initial decisions and their impact on cash flow, no later than the end of the third quarter.” Sound ominous for Helio, if you ask me. One hunch: that either Earthlink or SKT sells a sizable chunk of Helio to another investor, to hedge bets and bring in more cash.

From SK Telecom’s Q2 earnings call, which also happened earlier today: Helio will launch two to three additional handsets during the second half.