CMGI Posts Profit After AltaVista Sale
From Bloomberg News
CMGI Inc. had a third-quarter profit of $76.9 million on the sale of the AltaVista Web search service.
Net income was 20 cents a share, contrasted with a loss of $125.2 million, or 32 cents, in the year-earlier quarter, the Andover, Mass.-based company said. Revenue more than doubled to $106.1 million.
CMGI in February agreed to sell AltaVista to Overture Services Inc. for $140 million, more than $2 billion less than it paid for AltaVista in 1999, during the Internet boom.
CMGI shares were unchanged at $1.52 on Nasdaq.
