Andover, Mass.--CMGI Inc., the beleaguered Internet and direct marketing parent company, today reported net revenue fell 10.8% to $188 million for the first quarter versus a year earlier, with an operating loss of $54 million. The company lowered its fiscal outlook for the remainder of 2002.
Separately, CMGI announced it would like to buy back the remaining shares of software technology company Engage Inc. in a stock transaction valued at about $11 million. It already owns 75% of Engage.
Other online marketing companies that announced earnings today included L90, another struggling post-dot-com survivor, which reported revenue slid 49% to $3.6 million compared with the same quarter last year and a net loss of $6.9 million in its first-quarter 2002 earnings release. ValueVision Media, a direct response TV and online marketer owned in part by GE Equity and NBC, fared better, reporting an 18.6% increase to $132.8 million in net sales and net income of $609,000 for the first quarter of 2002, compared with a loss of $5.4 million a year earlier.