CMGI drops $2.6 billion
By BroadCasting & Cable Staff -- Broadcasting & Cable, 3/14/2001 5:33:00 AM
Internet developer CMGI posted a net loss of $2.6 billion for its second quarter, due to cost reductions from its failed iCast webcast operation and other defunct Web ventures.
About $2 billion of that were charges related to impairment of intangible assets from those Web operations. CMGI is in the midst of a major restructuring as it pares down those costs. It plans to reduce its operating units from 12 to between five and 10 units by year's end.
All the fiscal results weren't bad for the Andover, Mass.-based company: net revenue for the second quarter ended Jan. 31 was $342.7 million - a 116% jump over its net revenue for the same period one year ago. That's revenue from CMGI's infrastructure Web business, providing businesses technology support on the Web. - Richard Tedesco
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