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Q3 Revenues of $10.4 million Brings Year-To-Date Revenue Growth to 28%
Earned Positive Adjusted EBITDA for the 4th Straight Quarter
Net loss of $0.7 million recorded, however;
- Earned year-to-date profits of $0.5 million compared with a net loss of $29.8 million in 2001
- Increased year-to-date adjusted EBITDA to a positive $9.4 million compared with a negative $10.8 million in 2001
Press release [fastsearch.com]
Guess they're getting better at doing business?
[edited by: heini at 2:14 am (utc) on Nov. 6, 2002]
[edit reason] [webmasterworld.com...] / also slightly offtopic ;) [/edit]
To me the presentation of the results don't look very surprising.
The company has undergone some serious changes over the last year. Cost reduction potentials seem to be exhausted. Now it's time to grow revenues.
Interesting is this figure: 80% of revenues is generated by corporate search, only 20% by internet search.
Corporate search revenues have been improved substantially compared to last year - internet revenues have gone way down. And that's despite the PartnerSite programs being rolled out.
At Fast expectations are the improved PartnerSite and the new distribution channels, as PT, will turn this trend. Not explicitly mentioned but probably a big part of those expectations is the new direct feed program.
The reason for the weak internet business given by Fast is the challenge of a tightening market in that segment. Which to me points at two factors: Fast portal partners with Lycos in the first place, have all been struggling hard for market share.
Second: Google's dominance of the web search market has reached new heights.
Page refuses to answer a question on whether Google is interested in buying Fast, but Lervik jokingly gives the price: 10 billion dollars!