Infoseek trounces estimates
Internet company posts 1Q loss, but revenues more than double
April 23, 1998: 7:29 p.m. ET
Internet stocks tumble - April 17, 1998
Internet firms' shares surge - Feb. 27, 1998
Infoseek
More related sites... NEW YORK (CNNfn) - Internet search- engine firm Infoseek Corp. easily beat Wall Street estimates Thursday, reporting a net loss of $1.5 million, or 5 cents per share.
Wall Street had forecast a loss of 10 cents a share, according to the consensus estimate compiled by First Call. Infoseek lost $4.1 million, or 16 cents a share, in the year-ago quarter.
At the same time, the Sunnyvale, Calif.-based company reported first-quarter revenues of $14.3 million, a 131-percent increase over the $6.2 million in the same period a year ago.
"This was a tremendous quarter for Infoseek," said Harry Motro, president and chief executive officer. "We made significant progress toward our goal of becoming everyone's first choice on the Internet. We grew traffic and revenue to new record levels."
Its shares (SEEK) fell sharply on Thursday, however, dropping 4-3/16 to 28-7/16 at the market's close, largely due to news that Netscape Communications Corp. is planning to create its own search engine.
But Infoseek's shares made up most of that loss in after-hours trading, climbing to 31-3/4 after the company announced its quarterly earnings.
Infoseek is one of several Internet-related companies that have seen their stock prices jump to record levels recently.
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