Feeds

CMGI plunges deeper into the Red Ink Sea

$2.5bn net loss

  • alert
  • submit to reddit

The essential guide to IT transformation

CMGI, the dotcom investor/conglomerate, saw losses top $2.5bn for its second quarter - and it forecasts a sales slowdown for the next few months.

The Massachusetts-based company recorded a net loss of $2.56bn, or $7.86 per share, for the period ended January 31 2001, compared to a loss of $186 million, or 74 cents per share, for the same quarter the previous year.

The second quarter figures included costs of around $100 million related to CMGI's previously announced restructure, aimed at stemming losses at the oufit.

Sales rose 116 per cent to $342.7 million (which was also a sequential revenue drop of six per cent).

For Q3 2001 the company, whose holdings include online search engine AltaVista, said it expected revenue of between $280 million and $290 million, growing at 3-5 per cent in Q4. Restructuring charges are expected to total around $100 million for the second half of the financial year.

CMGI shares have plunged 95 per cent over the last year, but rallied today with a massive leap of six cents to close at $3.91. ®

Related Stories

Engage makes progress - and loses $700 million
Search engine veteran poo-poos AltaVista patent claims
ZD story attacks CMGI - on CMGI's own portal
CMGI in trip to knacker's yard

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
Netflix swallows yet another bitter pill, inks peering deal with TWC
Net neutrality crusader once again pays up for priority access
Judge nixes HP deal for director amnesty after $8.8bn Autonomy snafu
Lawyers will have to earn their keep the hard way, says court
Ex-IBM CEO John Akers dies at 79
An era disrupted by the advent of the PC
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.