Infoseek Q3 loss comes in smaller than forecasts
SUNNYVALE, Calif., July 20 (Reuters) - Internet service
Infoseek Corp <SEEK.O> on Tuesday reported a third quarter
loss that was smaller than most analysts forecasts and said its
revenues more than doubled over last year.
The company, which earlier this year launched the online Go
Network with Walt Disney Co <DIS.N>, and is now being acquired
by Disney, said much of its loss reflects the costs of
developing and marketing its Internet properties.
Infoseek said that its pro forma loss for the third
quarter, excluding $29 million for the amortization of
intangible assets, totaled $22.3 million or 36 cents per share.
This compares with analysts forecasts for a loss of 42 cents a
share, according to First Call, which tracks estimates.
Including the unusual item, Infoseek reported a net loss of
$51.3 million or 83 cents a share, compared with a loss of four
cents a share or $1.267 mln in the year ago period.
"The third quarter marked a defining period for Infoseek as
we pursued our long-term objective to establish Go Network as
the number one site to visit on the Internet," President Harry
Motro said in a statement.
Infoseek's revenues for the quarter totaled $36.1 million,
up from $17.1 million in the year-ago quarter.
REUTERS |
