Online service provider Compuserve has taken a further knock on the stockmarkets as it predicted a big loss in its second quarter, causing its shares to plummet to $9.25. This time last year, the price stood at $35.5.
Officials at the company blamed delays in delivering Internet software for the problem but this is only symptomatic of a bigger problem. In the last few months it has lost nearly 400,000 of its user base to Internet service providers.
Senior executives at the company claimed that the problem did not just affect Compuserve but other online providers like America Online and Prodigy. Compuserve turned in a substantial $29.6 million loss in its first quarter at the end of July which included one-time restructuring charges.
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