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24/7 Media tops 1Q forecasts

24/7 Media (Nasdaq: TFSM) surpassed the consensus expectation in the first quarter.

After market close Wednesday, the Internet advertising firm reported a first quarter net loss of $11.2 million, or 44 cents per share, not counting special charges. First Call's survey of 14 analysts predicted a loss of 53 cents per share.

Including all expenses and gains, 24/7 saw a net loss of $23.8 million, or 93 cents per share, for the quarter.

First quarter revenue increased to $46.2 million, up 25 percent sequentially and up 302 percent year-over-year. "Our company continues to experience growth in every area of our business model," said David Moore, president and CEO.

Revenue from 24/7 Media's advertising network rose to $36.5 million, a 15 percent gain from the fourth quarter. Ads sold rose 64 percent to 17.6 billion.

E-mail revenue rose 28 percent sequentially to $6.9 milion. 24/7 now manages more than 21 million names in its e-mail program. The total number of e-mail messages delivered rose 18 percent during the first quarter, the company said.

Technology revenue came in at $2.9 million as 24/7 delivered 2.1 billion ad impressions in the quarter.

Wednesday's report comes on the heels of last week's lawsuit filed by 24/7 against rival DoubleClick (Nasdaq: DCLK).

Shares of 24/7 traded at 18 in afterhours activity on the Island electronic communications network, immediately following the quarterly report. The stock closed Wednesday's regular trading at 18 1/4, down 15/16 for the session.>