LookSmart Narrows Quarterly Loss
Online ad network and tech platform LookSmart reported a net earnings loss of under $14 million for 2006 on revenue of $48.8 million, an improvement from a loss of $17.8 million on $41.4 million revenue in fiscal 2005.
For Q4 2006, the company posted a loss of $896,000 on revenue of $15 million — a 51% year-over-year increase from the $10 million in Q4 2005 revenue. Last year, the San Francisco-based company reported a fourth-quarter loss of $3.8 million.
“We are very pleased with our 2006 fourth-quarter and full-year results,” LookSmart CEO and president Dave Hills said in a statement. “2006 was a critical year, one in which we realigned our business strategy to become more relevant with advertisers and publishers, while growing and monetizing our consumer audience.”
Hills said the company would concentrate on improving market penetration in 2007. LookSmart projects that full-year revenue will grow by 20% to 25% this year, but has not specified a target date for net profitability. The company last reported a full-year net profit in fiscal 2003.
