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.