Search engine LookSmart has released their second quarter financial report of 2004. The report finds that they have exceeding announced company expectations. LookSmart reported revenue of $21.3 million for the second quarter 2004, which is ahead of its prior guidance of $18.0 million to $20.0 million. This includes $1.7 million of revenue from MSN and $2.2 million of revenue from discontinued international operations.
“LookSmart’s strategic initiatives to drive paid listings growth are aimed at providing highly differentiated and defensible consumer search offerings, and at differentiating our syndication offering relative to other players in the space. We are now fully focused on these initiatives and on our central goal of returning the Company to profitability as rapidly as possible.”
Revenue from LookSmart’s core business (excluding MSN and discontinued international operations) increased to $17.4 million, which is ahead of its prior guidance of $15.0 to $17.0 million. This is up 7% sequentially from $16.3 million in the first quarter 2004 and up 74% year over year compared to $10.0 million in the second quarter 2003. For the six months ended June 30, 2004, LookSmart reported core business revenue of $33.7 million, an increase of 75% versus $19.2 million for the same period of 2003.
For the upcoming third quarter ending September 30, 2004, revenue is expected to be $16.0 million to $17.0 million. This assumes no further revenue from MSN or discontinued international operations. Adjusted net loss for the third quarter is expected to be in the range of $3.0 million to $4.0 million.
Jeremy Muncy is a staff writer for www.murdok.org
