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Launch Media's Sales Rise 88%

THE CUTTING EDGE/TECHNOLOGY NEWS | MORE ON TECH

July 29, 1999|Karen Kaplan

Launch Media, the Santa Monica firm that runs a music-oriented Web site and CD-ROM magazine, said that its second-quarter revenue jumped 88% to $3.9 million, while its net loss widened 46% to $8.8 million. The loss of 76 cents per share was less than the 81 cents per share that analysts had been expecting, according to estimates compiled by earnings tracker IBES International. Nearly 90% of Launch's revenue came from advertising, compared with 6% from subscriptions and 5% from merchandise sales. Launch's advertisers include Intel, General Motors, EBay and M&M/Mars. Launch gained more than 500,000 registered users during the quarter ended June 30 and now has a registered user base of 1.65 million, the company said. In addition, the company reports 1.7 million unique visitors each month, a 55% gain from the previous quarter. Before earnings were announced, shares of Launch dropped 69 cents to close at $14.38 in Nasdaq trading. The company went public in April at $22 per share.

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