The recent run-up in certain Internet shares is hitting another valuation wall. Take online sporting goods retailer Global Sports ( GSPT) and Internet communications firm WebEx ( WEBX), for example. After hitting lows in the single digits last spring, shares of both companies more than quintupled through the end of 2001. After the dot-com rout, some businesses that had a chance of survival looked cheap, analysts said. But at 58 and 56 times 2002 earnings, respectively, Global Sports and WebEx might not look so cheap anymore. On Thursday, Global Sports ( GSPT) reported pro forma earnings of 6 cents a share, beating analyst estimates by a penny. The company's net profit totaled $300,000, or 1 cent a share, compared with a loss of $11 million, or 41 cents per share, in the year-earlier period. Meanwhile, revenue was $51.4 million, up from $20.3 million in the year-earlier quarter. For 2002, the company forecast revenue of $200 million, up from $102.6 million in 2001, and pro forma income of $11 million, or 24 cents per share. Investors weren't pleased with the report. After soaring to $20 in January from a low of $2.37 in March of last year, the stock closed down Thursday $1.65, or 11%, at $13.79. "Last year, people had given up the Internet marketing areas up for dead," said Subodh Kumar, chief strategist at CIBC World Markets. "But into the Christmas season, there were signs that Internet shopping was picking up a little bit. That was a bit of a surprise," he said. "The focus now is on how sustainable the earnings are." Soundview analyst Shawn Milne said he still thinks Global Sports has a strong business outlook. "I think there's a lot of leverage in the model, because it's a low-fixed-cost model. Once they get past break-even, they'll be adding a lot of revenue," he said. Robertson Stephens reiterated their buy rating on the stock, while US Bancorp Piper Jaffray reiterated its market outperform rating.