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CNet reports second-quarter loss

Published on .

San Francisco--CNet Networks Inc. on Tuesday reported a second-quarter net loss of $11.6 million, compared with a net loss of $25.8 million for the same period in 2002.

CNet reduced its loss, in part, with a gain in revenue to $58.4 million in the second quarter, compared with revenue of $57.2 million in the second quarter of last year.

“During the quarter we experienced growth in our core online advertising business,” said Shelby Bonnie, CNet’s chairman-CEO, in a statement.

CNet’s loss was also narrowed because of a reduction in operating expenses for the quarter, down to $68.2 million, compared with $92.3 million in the second quarter of last year. Additionally, the company posted an operating loss before depreciation and amortization of $4.1 million in the second quarter of 2003, compared with a figure of $16.2 million in the second quarter of 2002.

--Sean Callahan

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