DISNEY’S GO POSTS LOSSES
The Walt Disney Company's newly repositioned Internet portal, Go.com, lost money in its first full quarter of operation. The bad news, however, was offset in part by profits generated from the online version of the ABC game show "Who Wants to be a Millionaire."
The company announced Tuesday a loss of $72.6 million for the quarter ended March 31 on revenues of $97.5 million. The loss translated into 47 cents per share, beating analysts' estimates that the company would lose 54 cents per share.
The results were released after the market closed. Go.com shares were up 9 percent, or $1.25, to $14 at 4:30 p.m. on the New York Stock Exchange.
The company lost $32 million, or 21 cents per share, for the same period last year when figured on a pro forma basis, which assumes the creation of the company at the beginning of fiscal year 1999.
Including the amortization of assets resulting from the Infoseek acquisition and other transactions, the company's net loss was $292.2 million, or $1.88 per share.
