Ask Jeeves posts strong first quarter profits
21 April 2004
Search engine Ask Jeeves has reported a rise in profits for the first quarter of 2004, from $8.5 million a year ago to $13.4 million this year.
The company, based in Emeryville, California, said it also increased quarterly sales by 73 per cent to $39.2 million in the first three months of the year and queries on the Ask Jeeves proprietary websites rose 42 per cent compared to a year ago.
Ask Jeeves revealed that Google accounted for 69 percent of revenue under its revenue-sharing deal. Ask Jeeves receives an estimated 80 per cent of the cash paid by Google advertising clients whose text ads appear on its site.
The search engine also raised its outlook for the second quarter and the full year, predicting that the company will earn 16 cents per share in the second quarter on sales of $38 million. Upon closing its purchase of Interactive Search Holdings (ISH), the company expects to post sales of $55 million and earnings of $13.8 million.
For the full year, Ask Jeeves believes it will post a profit, excluding certain items, of $1 per share on revenue of $255 million.
Shares in Ask Jeeves rose by $1.63, or 4.4 per cent, to $38.53 following the trading statement. The companies stock has more than doubled since the start of the year.
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