GoTo Reports Increase in Sales, Losses

Pasadena-based GoTo.com Inc., an Internet service that connects consumers with advertisers, reported Wednesday that sales increased almost twentyfold during its first quarter as its net loss also grew rapidly. The company reported revenue of $3.6 million in the quarter, its first quarter as a public company, compared with $19,000 in the year-ago quarter. It showed a net loss of $7 million, or 46 cents per share, compared with a loss of $1.7 million, or 16 cents per share, last year. The company said the loss largely reflects investments to attract traffic to its site and enhance its infrastructure. GoTo.com runs a Web service that posts business listings from advertisers in several different product categories, offering some lesser-known e-commerce sites a way to connect with more customers.