New York -- Ziff-Davis Tuesday reported a net loss of $37.8 million for the first quarter of 1999. Additionally, ZD's revenue declined from $228.1 million in the first quarter of 1998 to $214.1 million in this year's first quarter. ZD blamed the decline on the discontinuation of three publications in October and on the continued softness in ad pages in tech publications. The bad news was offset by the good news that the initial public offering of ZDNet, ZD's online business division, allowed the company to reduce its debt by $200 million. Additionally, ZDNet revenue increased by 92%, jumping to $18.6 million in the first quarter of 1999, compared with $9.7 million in the same period last year.