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Lycos: 3Q to meet Street
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April 16, 1999: 7:16 a.m. ET
Search engine says growth in ads, sales will lead to solid revenue
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NEW YORK (CNNfn) - Search engine operator Lycos said Friday its fiscal third-quarter earnings will meet analysts' expectations.
Spurred by gains in advertising and electronic commerce, Waltham, Mass.-based Lycos (LCOS) also said it anticipates solid revenue growth for the period ending April 30.
"With the strong third quarter we now expect revenue growth in excess of 100 percent for the full fiscal year ended July 31, 1998," Ted Philip, Lycos' chief financial officer, said in a statement. Actual results will be announced the third week of May.
Analysts surveyed by First Call expect the Internet portal to lose three cents a share in the third quarter. Lycos isn't seen showing a profit until the first quarter of fiscal 2000, which ends in October of this year, when forecasts have the company earning three cents a share.
Lycos' announcement came less than a day after another prominent search engine company, Excite (XCIT), announced earnings that were just below estimates.
Also on Friday, Lycos said it plans to close its acquisition of Wired Ventures Inc. in early June.
Lycos made headlines earlier this year with USA Network's (USAI) proposed acquisition of the company. The purchase is opposed by CMGI Inc. (CMGI), a 20 percent shareholder in Lycos..
Shares in Lycos, which have gained 270 percent in the last 52 weeks, fell 3-9/16 Thursday to 94-9/16 
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