reported Thursday that its earnings exceeded Wall Street's expectations by 2 cents a share in the second quarter, while revenue doubled, reaching $52 million, as the company drew more users to its Web site.
CNet, which announced Wednesday its intentions to
and its online subsidiary
, said it earned $2.5 million, or 3 cents a share, before amortization of goodwill, investment gains and related taxes. Analysts polled by
First Call/Thomson Financial
had expected the San Francisco-based online information provider to earn one penny a share.
Including goodwill charges, investment gains and related taxes, though, CNet had a net loss of $20.7 million, or 24 cents a share. That contrasts with net income of $9.2 million, or 11 cents a share, in the second quarter of 1999.
CNet's $52 million in revenue compared with $25.6 million in the second quarter of 1999. An average 16.8 million people visited CNet's site each day in the latest quarter, the company reported, up from 10.8 million in the comparable period last year.
CNet reported its results after the stock market closed. In after-hours trading, CNet's shares fell 1 13/16, to 30 9/16. CNet had closed up 2 11/16, or 9%, at 32 3/8.
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