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CNet Falls 13.4% on Negative Outlook

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CNet

(CNET) - Get Report

was down 13.4% in preopen

Island

trading.

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The Internet media company late Tuesday met the Street's fourth-quarter earnings estimate of 9 cents, improving from a year-earlier 21-cent loss. But the company's actual result was a loss of $3.12 per share after charges and a hefty write-down for its investment in

NBC Internet

(NBCI)

.

CNet also fell shy of revenue projections and

forecast a steep drop in revenue from the fourth quarter to the first.