LookSmart announces strong third quarter results
1 November 2004
LookSmart has reported better than expected first quarter results, The company effectively broke even on a per-share basis by posting net income of $15,000. Analysts had predicted that the company would post a $0.02 per share loss.
The company's surprise results were partly down to a gain of $1 million from discontinued international operations and better-than-expected revenue growth.
LookSmart generated $17.5 million for the third quarter, having predicted $16 to $17 million - an 82 per cent increase on the third quarter of 2003.
For the nine months ended September 30, 2004, revenue from LookSmart's core business was $51.1 million, up 77 per cent from $28.9 million in the same period of 2003.
Last October LookSmart was informed by its biggest distribution partner that the software giant was dropping it in January and the search company has since slimmed down its workforce and operations.
LookSmart currently provides paid search results through a distribution network that includes Lycos, CNET, InfoSpace (Excite, MetaCrawler, Webcrawler), Cox Interactive, Apple's Sherlock, UC Berkeley and LookSmart.com.
LookSmart managed to add eight new partners during the third quarter ending September 30th 2004.
The company acquired parental control software NetNanny this year, built on a LookSmart-powered search index, and Furl.net, an innovative service that enables users to save a full-text copy of any page on the web, then search and share that data.
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