The Answer to my Last Question:
Revenue Grows 133% over Second Quarter Results
PASADENA, Calif.--(BUSINESS WIRE)--Nov. 1, 1999-- GoTo.com, Inc. (NASDAQ: GOTO) today announced financial results for the quarter ended September 30, 1999.
GoTo reported third quarter revenue of $8.4 million, an $8.2 million increase over revenue of $0.2 million for the quarter ended September 30, 1998, and a 133% increase over revenue of $3.6 million for the second quarter of 1999. The company's net loss for the third quarter represented a pro forma basic and diluted net loss per share of $0.18, compared with a pro forma basic and diluted net loss per share of $0.24 in the same quarter of 1998.
Operating loss for the third quarter of 1999 was $9.2 million, compared with an operating loss of $5.4 million for the same quarter last year. Net loss for the third quarter was $7.6 million, an increase of $2.3 million over the loss of $5.3 million from the third quarter of 1998.
"We are very pleased with our third quarter results," remarked Jeffrey Brewer, CEO of GoTo. "We believe that GoTo.com is a true business model innovation. This model fuels the tremendous growth we're seeing in the number of customer relationships, as demonstrated by the increases in our key metrics. Our ongoing and substantive investment in infrastructure is designed to cost-effectively scale our business model while maintaining a commitment to a high-quality customer experience. I think this quarter's results begin to demonstrate the return on that investment."
Revenue Jump Fueled by Growth in Key Metrics
GoTo.com operates an online marketplace that introduces consumers and advertisers. Paid introductions, or paid clicks, represent the successful match of a consumer need with an advertiser offering. Paid clicks increased in the third quarter to more than 54 million, up from more than 31 million in the second quarter of 1999. Advertisers paid GoTo an average of $0.14 for each of these introductions during the quarter ended September 30, 1999, up from $0.11 in the second quarter of 1999.
At the end of September 1999, GoTo.com had more than 16,000 advertisers, up from 10,000 at the end of the second quarter of 1999. GoTo's search results are available at approximately 120,000 network affiliate locations in its Search Syndication Network(TM), increasing from the approximately 86,000 locations reported in the second quarter. |
