Earnings: CNET’s Losses Increase Dramatically on Goodwill Impairment; Hires New Entertainment Head
CNET (NSDQ: CNET) Networks has just reported its Q3 numbers: revenues for Q3 were $99.5 million, a 7 percent increase compared to revenues of $93.3 million for the year-ago quarter. Net losses were $16.6 million, compared with net losses of $2.3 million in the year-ago quarter. It said the losses were impacted by a $19.0 million non-cash goodwill impairment charge and $406K in costs associated with the Company’s stock option investigation and related matters partially offset by $590K in gains on private investments. Excluding stock compensation expense, stock option investigation expense and related matters, goodwill impairments, and realized gains on investments, adjusted net income for Q3 was $6.9 million, compared to $9.9 million in the year-ago period.
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