CNET issues revenue warning

Online technology news provider CNET has issued another warning that its first-quarter revenue would fall short of Wall Street targets because of the slowdown in online advertising.

LONDON (Brand Republic) - Online technology news provider CNET has issued another warning that its first-quarter revenue would fall short of Wall Street targets because of the slowdown in online advertising.

The company said it expects revenues to come in at $75m-$80m (£50.96m-£54.36m), compared with its previous estimate of $86m-$92m (£58.43m-£62.51m). It expects a first-quarter loss of $5m-$12m (£3.4m-£8.15m) in earnings before interest, tax, depreciation and amortisation, compared with its previous estimate of up to $5m (£3.4m).

Last month, CNET announced that its revenue and earnings would be down this year, and said it was cutting 10% of its 1,900 staff.

The warning comes as no surprise. Stocks in internet media companies have taken a battering recently as adspend dries up, and analysts have said that similar warnings from other online media and advertising companies could follow.

CNET’s share price closed at $9.43 (£6.41) yesterday, down $1.12 (76p) on the previous close.

www.cnet.com



Subscribe to Campaign from just £57 per quarter

Includes the weekly magazine and quarterly Campaign IQ, plus unrestricted online access.

SUBSCRIBE

Looking for a new job?

Get the latest creative jobs in advertising, media, marketing and digital delivered directly to your inbox each day.

Create an Alert Now
The top 10 brands favoured by Remainers and Brexiters
Shares0
Share

1 The top 10 brands favoured by Remainers and Brexiters

Marketers can learn about our divided nation by examining the brands that appeal across the voting referendum voting split, says Emily James, chief strategy officer at Rainey Kelly Campbell Roalfe/Y&R.

Just published