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Tech Industry

24/7 Media misses in second quarter

    24/7 Media Inc. (Nasdaq: TFSM) fell short of analysts' estimates in its second quarter Tuesday, losing $7.2 million, or 37 cents a share, on sales of $17.2 million.

    First Call consensus pegged 24/7 for a loss of 35 cents a share in the quarter.

    Its shares closed off 2 1/4 to 22 7/8 ahead of the earnings report.

    Despite the larger-than-expected loss, 24/7 did enjoy tremendous sales growth compared to the year-ago period when it lost $10.1 million, or $1.17 a share, on sales of $3.9 million.

    "We are very excited with the continued rapid growth of our business," said CEO David Moore in a prepared release.

    In the quarter, 24/7 delivered an aggregate of 2.5 billion ad impressions during the month of June, up 19 percent from 2.1 billion in March.

    According to Media Metrix, the 24/7 Media networks reached 55.2 percent of all U.S. Internet users, and 34.5 million unique users visited one or more of 24/7 Media's Web sites in June 1999.

    After falling to an all-time low of 69 5/8 in October, 24/7 shares raced up to a 52-week high of 69 5/8 in April.

    All seven analysts following the stock maintain either a "buy" or "strong buy" recommendation.

    First Call consensus expects it to lose $1.45 a share in the fiscal year.>