24/7 Media, New York, closed its European operations, saying it is looking to shave expenses after reporting a pro forma second-quarter loss of $15.3 million. In the same period last year, the interactive marketing company reported a loss of $11.2 million.
"We have made cost management an important and permanent factor of our operations in our drive to expand margins and achieve profitability," said David J. Moore, CEO, in a statement.
The company reported second-quarter revenue of $13.4 million, a fall from $40.5 million in the year-ago period.
Revenue from the 24/7 Network totaled $5.5 million. 24/7 Mail, which includes revenues from 24/7 Media's list management and database alliance, generated revenue of $1.6 million. Technology revenue was $6.3 million.
24/7, which faces a Nasdaq delisting as it reels from the dot-com shakedown, has been focused on cutting costs. In May, the company reported it was going to shutter its Latin American operations. It has also sold Sabela Media, Award Track and 24/7 Exactis units.
