Go2Net profit beats estimates
April 17, 2000 04:31 PM
SEATTLE, April 17 (Reuters) - Go2Net Inc. GNET on Monday posted second-quarter profits that blew away Wall Street estimates as the Internet portal saw revenues quadruple and daily viewing of its Web sites nearly triple.
The company said pro forma profits for the three months ended March 31 were $8.3 million, or 18 cents a share, compared with $1.14 million, or 3 cents a share a year earlier.
Revenues soared to $18.7 million from $4.3 million a year earlier. The company was expected to earn 11 cents a share, according to consenus analyst estimates compiled by First Call/Thomson Financial.
Go2Net, which runs Web properties such as the MetaCrawler search engine and the Silicon Investor financial site, said daily traffic on its network grew to an average of 34.9 million page views per day in March, compared to 12.6 million a day a year earlier.
"During the quarter, Go2Net continued to make tremendous progress across all metrics in our key categories of consumer services, business services, and enabling services," Go2Net President John Keister said in a statement. Shares in Go2Net rose 7-3/8 to 55-1/4 on the Nasdaq on Monday.
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