The biggest Internet marketing company, DoubleClick Inc., said Tuesday that its third-quarter loss narrowed 40% after the sale of its money-losing European unit. Sales during the quarter were down 19%, reflecting the continuing slump in online advertising.
The New York-based company reported a loss of $62 million, or 46 cents a share, for the three months ended Sept. 30, compared with a loss of $103.5 million, or 77 cents a share, a year earlier. When DoubleClick announced last year that it would sell its European Media operation, executives said 70% of the company's losses came from the unit.
DoubleClick, which was founded in 1996 and became a pioneer in Web site advertising sales, now focuses on market research and e-mail advertising campaigns.
Revenue for the quarter was $74.6 million, down nearly 20% from $92.7 million in the same period last year.
Its shares rose 7 cents Tuesday to $6.05 on Nasdaq before the results were announced. It dipped as low as $5.17 in after-hours trading.