Infoseek Corp. reported a mixed bag of financial results for its second quarter, with loss of $4.7 million, or a loss of $0.14 per share. But the company's revenues of $3.3 million represents a 90 percent increase over the company's first quarter 1996, when it earned $54,000.
Infoseek's gross profits went up to $2.6 million, from a loss of $58 in the year ago quarter. For the six months ended June 30, 1996, revenues were at $5 million, with the net loss at $8.3 million, or a $0.47 loss per share.
Robin Johnson, Infoseek president and chief executive officer (CEO), said the increase in revenue "reflects the growing desire of advertisers to reach their target market through Infoseek."
The Internet navigation service company was founded in January, 1994, and has reported losses in every quarter, Newsbytes notes. Significant investors in the company include Menlo Ventures, Battery Ventures, Sun Microsystems, 3Com, Frame, and Kodak, Newsbytes has reported in the past.
Infoseek's stock, which debuted on Wall Street at $15.25 per share last June, was trading at $6.50, down $0.375 from yesterday's close.
Recently, Infoseek has also made headlines in its claims that it has the "largest directory" of World Wide Web sites with its Infoseek Guide service. Newsbytes reported last May that Infoseek claimed the new guide held information about 420,000 Web sites, and that its "search-in-context" approach combines two search models -- text searching and the library or catalog model -- into one.
Infoseek also launched a private beta test of a Net search engine the company claims will be the "fastest, most comprehensive, and most current Internet search service available."
Details regarding the "Ultraseek" search engine can be found at http://www.ultraseek.com> . Infoseek is at http://www.infoseek.com .
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