Ziff-Davis losses widen

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Ziff-Davis, New York, in its first quarterly financial statement since going public in April, reported a net loss of $76.6 million for the second quarter, compared to a $17.4 million loss a year earlier. Revenues fell 8% to $276.5 million. Chairman Eric Hippeau said revenues were hurt by "soft conditions" in technology markets that he said were responsible for delayed product launches and spending cuts by technology product marketers. Lower revenues in Ziff-Davis business titles were offset by growth in Internet revenues and consumer titles; ZDNet, the Internet unit, broke even on revenues of $12.9 million, up 53%. Second-quarter revenue comparisons were hurt because Ziff-Davis this year moved two trade shows back to the first quarter and because it spun off two Macintosh titles last fall. The stock fell 12% to $10.25 a share in trading at mid-afternoon today; it went public in April at $15.50.

Copyright August 1998, Crain Communications Inc.

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