CMGI loses $2.56 billion, forecasts modest revenue

Internet holding company CMGI last week reported a US$2.56 billion net loss for its fiscal second quarter. The loss was largely attributable to a $2 billion write-off against earnings to reflect the value of some acquisitions. CMGI bought companies such as yesmail.com and AltaVista but has seen their values greatly reduced. Without the write-off, CMGI's operating loss was $216.2 million in the second quarter, 39 percent greater than the $156 million loss of the year-earlier quarter. The company touted revenue growth of $342.7 million, up from $158.6 million a year ago. CMGI is considering selling three of its companies, NaviSite, Activate, and AdForce, to offset its losses. CMGI also reduced its third-quarter revenue estimates.

Join the newsletter!

Or

Sign up to gain exclusive access to email subscriptions, event invitations, competitions, giveaways, and much more.

Membership is free, and your security and privacy remain protected. View our privacy policy before signing up.

Error: Please check your email address.

More about AdForceAltavistaCMGINaviSite

Show Comments