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Technology Stocks : AUTOHOME, Inc

ATHM 23.81

-1.1%

Nov 17 3:59 PM EST

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To: E. Davies who wrote (4440)	1/19/1999 7:28:00 AM
From: FR1	Read Replies (1) of 29970

Hard to figure the final effect. I went to MSN Investor and looked up XCIT. Mentioned were: 1) It is the #2 search engine after YHOO 2) Financial software company Intuit owns 13% of the company; America Online, about 12%; and Excite directors Vinod Khosla and Geoffrey Yang, about 22% combined. 3) In 1998 ..... In an effort to pass Yahoo! as the #1 Internet browser, Excite teamed with Netscape to create a co-branded search engine for the Internet software provider's Netcenter Web site. I thought AOL/Netscape was the enemy! Basically, ATHM is going directly after AOL. Go figure... Xcit Revenue - Quarterly Results ($ Millions) FY (12/98) FY (12/97) FY (12/96) 1st Qtr 23.0 7.5 1.1 2nd Qtr 33.0 9.5 2.1 3rd Qtr 44.0 14.4 4.0 4th Qtr NA 18.8 6.5 Total 100.0 50.2 13.7 Earnings Per Share - Quarterly Results FY (12/98) FY (12/97) FY (12/96) 1st Qtr $-0.17 $-0.36 $-0.18 2nd Qtr $-1.72 $-0.32 $-0.32 3rd Qtr $-0.14 $-0.19 $-0.39 4th Qtr NA $-0.23 $-0.53 Total $-2.03 $-1.10 $-1.42 Basically, they are growing by about 100%/year and still losing money but closing the gap fast. It sounds like a good deal to me. High flying search engines are like real estate - they don't make them anymore. Anybody can buy software from inktoma and be a search engine but everybody knows there are only about 5 of them: YHOO, XCIT, SEEK, LCOS, Hot Bot. The public doesn't really want/need anymore. 5 general search engines are enough. The only way you can get in this race is to buy one. Why does ATHM need one? Because they want to taylor a major search engine to high speed multimedia delivery. The possibilities are endless. This is central to ATHMs offering now that they have decided to be "more than just a dumb pipe." Question - does this may dilute the ownership position of T somewhat?

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