There is absolutely no confidence in a man that does not know how to tell the truth.
InfoSpace CEO sees return to pro forma profit by Q3
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SEATTLE, Feb 12 (Reuters) - InfoSpace Inc. (NASDAQ:INSP), a
provider of Internet and wireless content and services that is
reworking its business in the face of a sluggish economy, will
return to pro forma profitability by the third quarter of 2001,
Chief Executive Naveen Jain said on Monday.
"We have clearly brought a renewed focus back on our core
infrastructure business," Jain said on a conference call. "We
have once again aligned our costs and resources along our
strong growth areas."
InfoSpace recently lowered its financial outlook, saying it
expected to post a pro forma loss of 14 cents a share for 2001
on revenues that would be basically unchanged from last year at
about $215 million. The company forecast its first quarter loss
would come in at about 5 cents a share on revenues of $45
million.
The company also said it would shut down some low-growth
businesses, especially in the consumer area and refocus on
wireless and high-speed Internet products. Last week, InfoSpace
said it would cut 20 percent of its staff.
InfoSpace, which provides Yellow Pages listings, stock
quotes and electronic commerce tools, expected that its
wireless offerings would be used by 5 million people by the end
of the year, more than double the 2 million users at the end of
last year, Jain said.
scott.hillis1@reuters.com))
Copyright 2001, Reuters News Service |
