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.


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 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
State of the Cloud
State of the Cloud
Cloud has drastically changed how IT organizations consume and deploy services in the digital age. This research report will delve into public, private and hybrid cloud adoption trends, with a special focus on infrastructure as a service and its role in the enterprise. Find out the challenges organizations are experiencing, and the technologies and strategies they are using to manage and mitigate those challenges today.
What Becomes of CFOs During Digital Transformation?
Joao-Pierre S. Ruth, Senior Writer,  2/4/2020
Fighting the Coronavirus with Analytics and GIS
Jessica Davis, Senior Editor, Enterprise Apps,  2/3/2020
IT Careers: 10 Job Skills in High Demand This Year
Cynthia Harvey, Freelance Journalist, InformationWeek,  2/3/2020
Register for InformationWeek Newsletters
Current Issue
IT 2020: A Look Ahead
Are you ready for the critical changes that will occur in 2020? We've compiled editor insights from the best of our network (Dark Reading, Data Center Knowledge, InformationWeek, ITPro Today and Network Computing) to deliver to you a look at the trends, technologies, and threats that are emerging in the coming year. Download it today!
White Papers
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