CMGI Reports Net Loss, But Beats Estimates - InformationWeek

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CMGI Reports Net Loss, But Beats Estimates

The news wasn't as bad as expected for Internet development and holding company CMGI Inc. as it released its first-quarter earnings for fiscal year 2001.

For the period ended Oct. 31, CMGI posted $366 million in revenue, with a net loss of $74 million, or 25 cents per share, beating analysts' estimated loss of $2.17 per share. The company reported revenue of $129 million for the same quarter last year, with a net loss of $143 million, or 49 cents per share, excluding charges. Including charges, the loss for the first quarter of 2001 was $637 million, or $2.07 per share.

CMGI chairman and CEO David Wetherell says the company has been successfully finding alternative revenue sources to its once-core Internet advertising model, and it will focus its investments on companies that make money through software licensing and sales to businesses. CMGI has already shed some of its Internet ventures, including entertainment portal iCast Corp. and ad-supported Internet access provider 1stUp.com Corp. Wetherell also says his company will find a way to be profitable in today's turbulent market by taking advantage of profitable private companies: "CMGI does not need the IPO market to be successful." --Eileen Colkin

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