About Inc. (Nasdaq: BOUT) said Friday it sees third-quarter revenue jumping 30 percent from the $20.1 million it reported in the second quarter.
The news accompanies a release announcing the information portal has launched About Australia, About Ireland and About India. Despite analyst support, shares were down 0.75 to 27.5, slumping with the overall tech market Friday
Derek Brown of W.H. Hambrecht & Co., who rates the stock a "strong buy" and holds a price target of $75 on it, said the stock is undervalued compared to its peers. He predicts third quarter numbers will be on target despite "weakness in the online advertising marketplace," and estimates the company will lose 24 cents a share for the quarter, a penny higher than the Street's consensus.
Though he sees "limited upside potential for the quarter and little chance of upward estimate revisions," Brown wrote in a report that "About's apparent ability to 'weather the storm' is significant and should not be underestimated."
"The efficiency of our business continues to lead the market," said CEO Scott Kurnit in a release. The company is on track for profitability in the first quarter of 2001, he added.