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reaffirmed its second-quarter revenue outlook and said that stronger-than-expected performance in some segments offset its underperforming units.

The Andover, Mass., company, which operates and invests in Internet companies, said it remains "comfortable" with a second-quarter revenue estimate of $335 million to $345 million. This range, however, falls under the three-analyst estimate of $354.9 million, according to

First Call/Thomson Financial

. CMGI posted revenue of $153.5 million in the same period last year.

"We continue to aggressively evaluate all our business lines to ensure they are best positioned for growth and profitability. Additionally, we remain well-capitalized, and are confident that by using this period of volatility to rebalance and refocus our business, we will emerge an even stronger company in the future,'' CMGI said. The company didn't give any guidance for its bottom-line expectations.

CMGI has been pummeled by the downturn in Internet stocks and is transforming itself from an incubator into a holding company with six lines of business. The company's

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unit guided down its second-quarter revenue and earnings estimates today, projecting revenue of $27 million to $28 million, a sequential decline of 4% to 8%, and a loss of 52 cents to 55 cents a share. Analysts expect a second-quarter loss of 42 cents a share.

Shares of CMGI lately slipped to $5 in after-hours


trading, down from the closing price of $5.09 on the


. NaviSite closed Nasdaq activity at $2.81, and Island hadn't recorded any trades after 4 p.m.