The Internet and its component parts, email and the World Wide Web (Web), have had a tremendous impact on how companies communicate with their various audiences. Thus, the twofold purpose of this study was (a) to determine the characteristics of "Fortune 500" company homepage components and (b) to determine the communication effectiveness of various "Fortune 500" company homepage components. Results of this study involving a random sample of 215 "Fortune 500" company homepages indicate that they are effective as a communication tool. Implications for business educators teaching communication and information systems and "Fortune 500" company homepage developers are offered. (Contains 4 tables.)