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CMGI Loss Exceeds 3rd-Quarter Forecast

June 13, 2001|Bloomberg News

CMGI Inc., the struggling Internet venture company that owns Web search firm AltaVista, reported a wider loss for its fiscal third quarter and said revenue would be weaker than expected in the current quarter. CMGI shares fell $3.72, or 10%, to $3.72 in after-hours trading on the announcement, after closing up 9 cents at $4.14 on Nasdaq.

CMGI's loss, including a $609.5-million charge to write down investments, widened to $963.3 million, or $2.80 a share, in the period ended April 30, compared to $428.0 million, or $1.53, a year ago. Excluding one-time items, its loss was $131.7 million, or 38 cents a share.

Revenue rose 29% to $301 million, exceeding the company's forecast in March of $280 million to $290 million. But for the fourth quarter, CMGI now expects revenue of $280 million to $290 million, rather than the $288.4 million to $304.5 million forecast earlier.

The Andover, Mass.-based company said it has enough cash to last 12 quarters.

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