CNet Tops Target

The online media company beats estimates by 2 cents.
Publish date:

CNet Networks

(CNET) - Get Report

, buoyed by an increase in interactive revenue, beat Wall Street estimates by 2 cents after the bell Monday.

The San Francisco-based online media company posted revenue of $84.5 million for the second quarter ended June 30, a 24% increase compared with revenue of $68.1 million in revenue for the same period in 2004.

CNET said second-quarter net profit was $7.7 million, or 5 cents per share, compared with a loss of $1.5 million, or 1 cent a share, a year earlier.

Analysts were looking for quarterly earnings of 3 cents a share on revenue of $83.6 million.

The report recently sent shares soaring 5.4% after hours to $12.10 on Instinet.

Interactive revenue increased 30% to $76.8 million in the second quarter vs. $59.2 million a year ago.

For the third quarter, CNet forecasts EPS of 3 cents to 4 cents on revenue of $85.5 million to $87.5 million, in line with analysts' estimates.

In a statement CEO Shelby Bonnie attributed the profit surge to the company's "continued strong audience and usage growth, which enables us to increase our revenue capacity and enhance our exposure to the significant growth opportunity we see in online advertising."

Shares of CNet closed the regular session down 21 cents to $11.48.