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CNET posts lower earnings, larger loss

Published on .

San Francisco--In yet another sign of the continuing weakness in the online advertising market, CNET Networks Inc. reported dismal results for 2001, and its outlook for 2002 doesn’t appear much better.

The company reported net revenue of $285.8 million for 2001, compared with net revenue of $427.7 million for 2000. Its net loss for 2001 was $2 billion compared with a net loss of $484 million the previous year.

CNET forecast that its net revenues will decline this year, estimating them to be in the range of $265 million to $285 million.

CNET is the 13th largest site in terms of traffic, according to the December results of Nielsen/NetRatings.

In early trading Wednesday, CNET’s share price had tumbled to $5.95, 21% below Tuesday’s close of $7.55.

Sean Callahan

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