Steep revenue growth and increased traffic volumes helped Lycos narrow its third quarter loss, keeping it in line with analyst expectations.
The news follows the announcement last week that the Internet portal company's ill fated buy-out from USA Networks had finally collapsed.
For the third quarter ended 30 April Lycos lost $13.3 million or 31 cents a share compared with a loss of $22.1 million, or 71 cents a share, for the same period a year earlier.
Revenue for the quarter was $35.1 million, an increase of 132 per cent year on year.
Lycos also announced yesterday a two-for-one stock split.
During the quarter the company said its Lycos Network had 31.9 million individual users, putting it a cat's whisker ahead of Yahoo.
Average daily page views grew by 20 per cent to more than 60 million and the Lycos Network's registered members increased by 29 per cent to nearly 27 million.
The quarter saw Lycos sign $200 million in ecommerce agreements, including a $52 million alliance with Web MD to provide healthcare content. The company also announced yesterday it will purchase up to a nine per cent stake in online auctioneer Fairmarket, adding Internet auctions to its line of services.
"We are extremely pleased by the phenomenal growth of the Lycos Network," said Robert Davis, president and chief executive of Lycos. "The significant increase in our reach, traffic and revenues is the result of our strategy of combining high quality brand-name sites under the Lycos Network umbrella. I am particularly pleased with the strength of our commerce business as we enjoyed our best quarter ever signing $200 million of new business."
Source: VNU Newswire
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