CNET issues revenue warning

Online technology news provider CNET has issued another warning that its first-quarter revenue would fall short of Wall Street targets because of the slowdown in online advertising.

LONDON (Brand Republic) - Online technology news provider CNET has issued another warning that its first-quarter revenue would fall short of Wall Street targets because of the slowdown in online advertising.

The company said it expects revenues to come in at $75m-$80m (£50.96m-£54.36m), compared with its previous estimate of $86m-$92m (£58.43m-£62.51m). It expects a first-quarter loss of $5m-$12m (£3.4m-£8.15m) in earnings before interest, tax, depreciation and amortisation, compared with its previous estimate of up to $5m (£3.4m).

Last month, CNET announced that its revenue and earnings would be down this year, and said it was cutting 10% of its 1,900 staff.

The warning comes as no surprise. Stocks in internet media companies have taken a battering recently as adspend dries up, and analysts have said that similar warnings from other online media and advertising companies could follow.

CNET’s share price closed at $9.43 (£6.41) yesterday, down $1.12 (76p) on the previous close.

www.cnet.com



0
SHARES
Brand Republic Jobs
Thousands of jobs across advertising, creative, marketing and media

Just published

Feel you're missing out?

GET THE
BRANDREPUBLIC
BULLETINS
Sign up

The Wall Blog

From our partners