Profit Falls at CNet

CNet Networks (CNET Quote - Cramer on CNET - Stock Picks) beat Wall Street's sales forecast for the December quarter late Monday, and offered a bullish revenue outlook for the full year.

CNet shares added 34 cents to $8.74, tacking on another 4.1%, in recent late trading.

For the fourth quarter, the San Francisco-based online media firm said it earned $6.3 million, or 4 cents a share, falling from $20.7 million, or 13 cents a share, in the same period a year ago.

Excluding items like stock compensation expenses, stock options investigation costs and loss from discontinued operations, among other items, CNet earned $19.6 million, or 13 cents a share vs. $23.3 million, or 15 cents a share, a year earlier.

Analysts polled by Thomson First Call expected earnings of 12 cents a share. The consensus estimate reflects adoption of FAS123, which includes stock-based compensation.

On the top line, CNet reported $118.4 million, up from $103.7 million in the same period last year and above the average analyst expectation of $111.8 million.

Looking ahead to the first quarter, CNet expects sales between $90 million and $94 million, bracketing the average analyst outlook of $91.8 million.

CNet expects a loss between 3 cents and 6 cents a share for the first quarter. Without compensation expenses, it forecast a loss of 2 cents a share to break-even.

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