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Lycos beats Street by 1 cent
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February 25, 1999: 4:45 p.m. ET
Web portal outpaces Wall Street estimates in 2Q earnings report
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NEW YORK (CNNfn) - Lycos Inc. beat Wall Street estimates by a penny Thursday, as the Web portal reported second-quarter earnings.
The Waltham, Mass.-based company posted a net loss before merger-related expenses of $1.5 million, or 3 cents per share, on $30.6 million in revenue. Analysts polled by First Call expected Lycos (LCOS) to report a loss of 4 cents a share.
Net loss per share for the quarter after merger-related expenses was 22 cents per share.
Lycos said traffic grew 39 percent to 50 million page views per day. Media Metrix reported Monday that Lycos' ranked fourth among all Web properties in January with 28.5 million unique visitors.
The company has been in the spotlight in recent weeks. Earlier this month, media giant USA Networks Inc. (USAI) acquired Lycos in an all-stock deal. But the merger wasn't met with the usual fanfare that accompanies Internet-related deals, as analysts and investors bemoaned the fact that Lycos shareholders received only a 2-percent premium.
Lycos' stock tumbled 31 percent in the two days following the announcement. Then the company's biggest shareholder, Internet venture-capital firm CMGI (CMGI), expressed its reservations about the deal.
Earnings for the year-ago period were $301,119 or 1 cent per share on $12.6 million in revenue.
Lycos shares closed up 2-1/2 Thursday at 93.
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Lycos
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