CMGI Reports Net Loss, But Beats Estimates - InformationWeek

InformationWeek is part of the Informa Tech Division of Informa PLC

This site is operated by a business or businesses owned by Informa PLC and all copyright resides with them.Informa PLC's registered office is 5 Howick Place, London SW1P 1WG. Registered in England and Wales. Number 8860726.

IoT
IoT
News

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

We welcome your comments on this topic on our social media channels, or [contact us directly] with questions about the site.
Comment  | 
Print  | 
More Insights
The State of IT & Cybersecurity Operations 2020
The State of IT & Cybersecurity Operations 2020
Download this report from InformationWeek, in partnership with Dark Reading, to learn more about how today's IT operations teams work with cybersecurity operations, what technologies they are using, and how they communicate and share responsibility--or create risk by failing to do so. Get it now!
Slideshows
10 Cyberattacks on the Rise During the Pandemic
Cynthia Harvey, Freelance Journalist, InformationWeek,  6/24/2020
News
IT Trade Shows Go Virtual: Your 2020 List of Events
Jessica Davis, Senior Editor, Enterprise Apps,  5/29/2020
Commentary
Study: Cloud Migration Gaining Momentum
John Edwards, Technology Journalist & Author,  6/22/2020
Register for InformationWeek Newsletters
Video
Current Issue
Key to Cloud Success: The Right Management
This IT Trend highlights some of the steps IT teams can take to keep their cloud environments running in a safe, efficient manner.
White Papers
Slideshows
Twitter Feed
Sponsored Live Streaming Video
Everything You've Been Told About Mobility Is Wrong
Attend this video symposium with Sean Wisdom, Global Director of Mobility Solutions, and learn about how you can harness powerful new products to mobilize your business potential.
Sponsored Video
Flash Poll