LookSmart Reports Disappointing Results, Sells FindArticles.com To Cnet

  • November 8, 2007
LookSmart Wednesday reported disappointing results for the third quarter and also announced the sale of its FindArticles.com unit to Cnet Networks for $20.5 million. FindArticles.com houses approximately 11 million resource articles from over 3,000 sources, including leading magazines, journals, trade publications and newspapers. The site lets users browse articles dating back to 1998 by category or by specific publication name.

LookSmart reported third quarter revenues of $12.6 million, a 4% gain from the third quarter of 2006, which was below previously issued growth guidance of 8% to 12%. The quarter also resulted in a widening of net losses: $4.3 million for the third quarter of 2007 vs. $3.9 million for the third quarter of 2006.

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