Broadcast.com loss less than expected
The provider of online multimedia events that's being acquired by Yahoo says its second-quarter loss was smaller than analysts expected as its revenue more than doubled.
Broadcast.com said it lost $1.9 million, or 5 cents a share, compared with a loss of $3.5 million, or 11 cents a share, in the year-earlier quarter. The company was expected to lose 9 cents a share, according to five analysts polled by First Call. Broadcast.com's revenue surged to $13.5 million from $5.9 million.
Broadcast.com said its revenue doubled in part because of increased demand for corporate services, such as broadcasting corporate earnings conference calls over the Internet. The company said that business services accounted for $9.5 million, or 71 percent, of the quarter's revenue.
"We delivered 960 events in the second quarter of 1999, more than double the number of events in the second quarter of 1998," chief executive Todd Wagner said in a statement.
Broadcast.com shares fell 6.06 to 128.88 today. The earnings were released after the close of U.S. trading. In after-hours trading, the stock rose as high as 134.
Broadcast.com will hold a shareholder vote on July 20 for its proposed acquisition by Yahoo.
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