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GoTo spins off auction unit

Online search service GoTo.com spun off and sold a majority stake of its auction unit, GoTo Auctions, the company announced Monday as expected. GoTo, which sells advertisers rights to placement in its online directory, will retain an 18.5 percent stake in the company, which is now controlled by Research Triangle Park, N.C.-based ChannelAdvisor. Last week, GoTo exceeded Wall Street?s expectations in the second quarter and said it expects to become profitable in the third quarter. It reported a second-quarter loss of $2.9 million and revenue that nearly tripled year over year to $62.5 million, which represents a 20 percent improvement from the first quarter.

Online search service GoTo.com spun off and sold a majority stake of its auction unit, GoTo Auctions, the company announced Monday as expected. GoTo, which sells advertisers rights to placement in its online directory, will retain an 18.5 percent stake in the company, which is now controlled by Research Triangle Park, N.C.-based ChannelAdvisor.

Last week, GoTo exceeded Wall Street?s expectations in the second quarter and said it expects to become profitable in the third quarter. It reported a second-quarter loss of $2.9 million and revenue that nearly tripled year over year to $62.5 million, which represents a 20 percent improvement from the first quarter.