CNET's losses widen, revenue falls

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San Francisco--CNET Networks Inc. reported a net loss for the second quarter of $25.8 million compared with a net loss of $218.1 million in the same period last year, which included a non-cash charge of $206.8 million related to amortization of goodwill and intangible assets.

CNET also reported that net revenue for the second quarter totaled $57.2 million, compared with $71.1 million a year earlier. The company blamed the decline in revenue on the continuing recession in tech advertising.

The 12th largest online property in the U.S., according to comScore Media Metrix, CNET struggled to report some good news in the press release detailing its second-quarter financial performance, pointing out, for instance, that “the top 20 technology companies spent almost 33% less in print in the two-month period April-May 2002 than they spent in the same period of 2001. Those same 20 companies spent 14% more with CNET in the second quarter of 2002 versus the same period of 2001.”

CNET also said its advertising customer base totaled 1,591 companies in the second quarter, up 18% from the same period last year.

--Sean Callahan

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