Online advertising services firm 24/7 Real reported a $6.6 million net loss on $9.7 million in revenue during third-quarter 2002. In third-quarter 2001 the company, which consisted of a substantially different set of operating units, generated a $30.8 million net loss on $7 million in revenue. The quarter ended Sept. 30.
The company’s Integrated Media Solutions unit generated $6.4 million in revenue during the quarter, compared with $7 million in third-quarter 2001. The revenue drop was due to a decline in online advertising dollars and the sale of its US e-mail management product during the year.
Its Technology Solutions unit reported revenue of $3.3 million. This unit consists of operations gained from its acquisition of Real Media on Oct. 30, 2001. It previously consisted of several units that have either been sold or shut down, including its Exactis and Sabela operations.
The company also changed its revenue recognition method, and now books only the commissions from brokerage sales, as opposed to its previous method, which included all revenue generated.
The company’s core business elements currently include its Open AdStream ad serving technology, the 24/7 branded ad network, 24/7 iPromotions, an online promotions and sweepstakes service, and 24/7 Website Results, a traffic-generating keyword search platform.
