Internet Stocks Find Warming Market

Overall ISDEX is half way back to its pre-correction levels with some strength in the sector based on guess? fundamentals. E*TRADE, Lycos, Infospace, Go2Net, Exodus, CNET, etc. report results and many announce stock splits.

The snapshot:

  • Spyglass (NASDAQ:SPYG) shows signs of life again with positive earnings for its $6.3 million revenue for its fiscal second quarter. Net income is $114,000 or $0.01 EPS vs. a $2.5 million loss 2Q98. As you may recall, Spyglass recently strengthened its ties with Microsoft with a 3-year $20 million deal for it to develop Windows CE software.
  • Exodus (NASDAQ:EXDS) reports first-quarter revenue of $30.1 million, up 324% vs. 1Q98. Net loss is $22.2 million vs. pro forma net loss of $13.3 million 1Q98. The web hosting firm also agrees to acquire Cohesive Technology Solutions for $100 million. Cohesive does network design and Web application development among other things.
  • Go2Net (NASDAQ:GNET) reports its fiscal second quarter revenue jumps 180% to $4.3 million from $1.5 million 2Q98. GNET posts net income of $1.1 million or $0.07 EPS on a pro forma basis excluding charges related to its sale of preferred stock to Vulcan Ventures and other non-cash charges. GNET also sets a 2-for-1 stock split.
  • CNET (NASDAQ:CNET) posts $19.6 million first quarter revenue, up 101%. Pro forma net income reaches $3.4 million or $0.09 EPS, excluding goodwill charges resulting from its acquisition of WinFiles and equity gains.
  • Broadcom (NASDAQ:BRCM) announces $96 million first quarter revenue vs. $35 million 1Q98. Net income is $19.2 million vs. $7.6 million 1Q98 for the broadband chip leader.

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