CNET Q2 Revs Rise 14 Percent; Profit Report Delayed; Page Views Drop Due To Webshots

CNET Networks (Nasdaq: CNET) posted a 14 percent rise in Q2 revenues to $92 million (beating analyst estimates), but it did not report profit results ahead of a previously announced plan to restate prior results. Looking ahead, CNET expects Q3 revenues of between $93 million and $96 million.
U.S. media revenues for CNEt came in at $72.8 million, compared to $63.4 million in the year-ago quarter.
Earlier this month, CNET said that it expects to restate previous financial statements to correct how the company had accounted for stock-based compensation in prior years.
Interestingly, CNET’s average daily number of Internet page views fell to 92.8 million from 97.7 million in the year-earlier period, a drop of 5 percent. Reasons: Webshots. Excluding Webshots, it saw a 12 percent increase in pages views.
From earnings conference call transcript: On Webshots relaunch: “In the next month, we plan to launch a redesigned version of the site in beta…In addition, Webshots will feature landing pages for each of 10 channels based on demonstrated areas of user interest, including entertainment, family, good times, home and garden, news, outdoors, pets, rides, sports and travel.”
Meanwhile, earnings release is here and the webcast of earnings call is here.

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