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CNET warns of widening loss

CNET: The Computer Network warns that its third-quarter loss will be wider than analysts expected, largely because of the development of a new site.

CNET: The Computer Network (CNWK) warned today that its third-quarter loss will be wider than analysts expected, largely because of the development of a new site called COMPUTERS.COM.

The company, which publishes NEWS.COM, said its net loss is expected to fall between $6.2 million and $6.4 million, or 45 to 47 cents a share, for the period ended September 30.

Analysts had expected the company to report a loss of 34 cents, according to First Call.

CNET's revenues, meanwhile, are expected to come in between $8.4 million and $8.7 million. The television revenues are anticipated to be between $1.8 million and $1.9 million, and Internet revenues are projected to fall between $6.6 million and $6.8 million.

Also today, the company named Gregory J. Osberg to the newly created position of president, sales, and marketing. Osberg formerly served as associate publisher and vice president of advertising at Newsweek.

COMPUTERS.COM, a guide for researching and purchasing computer hardware, is scheduled to launch in the fourth quarter. At that time, the company said it also plans to shift its priorities and resources away from new product development and focus more on revenues and profits.