CMGI Loss Narrows as Costs Are Cut

CMGI Inc., an Internet venture firm that owns Web-search service AltaVista Co., said its fiscal third-quarter loss narrowed as the company cut costs such as research spending. The loss was $125.2 million, or 32 cents a share, in the period ended April 30, compared with a loss of $986.6 million, or $2.87 a share, in the year-earlier period. Sales declined 35% to $187.4 million.