CMGI Cuts Forecast, Will Buy Back Engage

CMGI Inc., whose vastly depreciated Internet holdings have made it emblematic of the failed dot-com era, said it expects to report another quarterly loss and lowered its forecast for the rest of the year. CMGI said it expects to post third-quarter revenue of $188 million, down from $289 million a year earlier.

CMGI said it is unlikely to meet stated fourth-quarter targets of $205million to $215million in revenue and $22million to $27million in losses before one-time items. As a result, CMGI will miss its full-year targets of $825million in revenue and a loss of $165million to $175million.