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Wall Street Moons Jupitermedia

Shares plunge 35%.

Investors ran rings around Jupitermedia (JUPM) Thursday after third-quarter earnings dropped 98% from a year ago.

The Darien, Conn.-based online media company made $1 million, or 3 cents a share, for the quarter ended Sept. 30, down from the year-ago continuing operations profit of $43 million, or $1.15 a share. Revenue rose to $34 million from $32 million a year ago.

Analysts were looking for an 8-cent profit on sales of $36 million.

"We have been emphasizing the development of our Jupiterimages division and have made significant investments in our image production, technology platforms and direct sales teams over the past several quarters. At the same time, we have made progress in integrating our many recent image acquisitions, as we reduced operating expenses this quarter," said CEO Alan M. Meckler. "Jupitermedia continues to grow as a powerful creator and distributor of a wide range of commercial images and digital content. In addition to the expansion of our image offerings, we increased our wholly owned royalty-free music offerings during the quarter."

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Shares fell $3.11 to $5.99.