September 3, 1998 4:40 PM PDT

CMP Media sees lower earnings

CMP Media said today it expected results for its fiscal third quarter to be below analyst forecasts due to reductions in technology advertising.

The publisher of high-tech magazines and Web sites estimated net income would fall in the range of $200,000 to $500,000, or 1 cent to 2 cents per share. A consensus of analysts had forecast CMP to post a profit of 21 cents, according to First Call.

Based in Manhasset, New York, CMP earned 26 cents per share for the year-ago third quarter, which ends September 30. It estimated revenue for this quarter would be between $116 million and $120 million, compared to revenue of $114.2 million a year ago.

"The widespread slowdown in sales-growth rates among technology companies, as well as uncertainty about the continuing instability in Asia and other foreign markets, has resulted in reductions in technology advertising and marketing budgets and a heightened sensitivity to page rates," CMP chief executive Michael Leeds said in a statement.

CMP's stock closed at 10.625, down more than 31 percent or 4.875 points, in trading of 324,900 shares.

 

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