SAN FRANCISCO (03/09/2000) - Internet business owner CMGI Inc. posted smaller-than-expected losses for the second fiscal quarter and saw revenues increase nearly three times from the same quarter last year.
Fast-growing CMGI, which completed nine acquisitions in the quarter, lost US$186 million in the quarter ending Jan. 31, 2000, compared to a profit of $13 million, or 6 cents per share, in the same quarter last year.
CMGI's loss equaled 74 cents per share, besting the consensus expectations of Wall Street analysts who predicted a loss of $1.28 per share, according to First Call/Thomson Financial.
Revenues for the quarter totaled $153.5 million, a 294 percent increase from $38.9 million reported in the year before quarter.
CMGI's acquisitions in the quarter included Flycast Communications Corp., a provider of Web-based direct response advertising services, and Clara Vista Corp., an information systems and consulting company.
CMGI, in Andover, Massachusetts, is at +1-978-684-3600, or at http://www.cmgi.com.