Tech Industry

theglobe.com tops estimates in second quarter

In its second quarter, theglobe.com Inc. (Nasdaq: TGLO) reported a smaller-than-expected loss, losing $6.7 million, or 27 cents a share, on sales of $4.1 million.

First Call consensus expected it to lose 32 cents a share in the quarter.

Its shares closed off 5/8 to 12 7/8 ahead of the report.

The $4.1 million in sales represents a 430 percent jump compared to the year-ago quarter when it lost $3.9 million, or $1.65 a share, on sales of $800,000.

"The second quarter has produced strong revenue gains at a time when our marketing spending has been relatively moderate," said CFO Frank Joyce in a prepared release.

In the quarter, theglobe.com's traffic improved 56 percent from the first quarter.

Last quarter, it lost $4.9 million, or 47 cents a share, on sales of $3.2 million.

Its shares moved up to a 52-week high of 48 ? in April. After splitting 2-for-1 in May, the stock plummeted to an all-time low of 12 11/16 in June.

Both analysts following the stock maintain "buy" recommendations.

First Call consensus expects it to lose $1.15 a share in the fiscal year.