Shares in Internet portal firm Infoseek nosedived as it reported worse than expected results for its second fiscal quarter.
For the period ended 3 April, its loss widened to $56.8 million or $0.93 cents per share from last year's $1.8 million. The company had expected to beat Wall Street's estimate of a $0.41 loss per share to post losses of $24.1 million or $0.39 cents a share.
Although its revenues increased 105 per cent to $29.6 million, Infoseek?s shares plummeted by $19.125 or 24 per cent on the news to close at $60.375.
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