Online portal company Lycos Europe watched its shares climb nearly 30% yesterday as it announced narrowing losses for its Q3 fiscal.
For the three months to March 31, Lycos posted an EBITDA (earnings before interest, taxes, depreciation and amortization) loss of E45.4 million ($39.8m), around half the E87.5m loss in the same period last year.
The company attributed the results to cutbacks in expenditure on advertising, administration and human resources.
In addition, sales jumped 288% year-on-year to E41.6m in the quarter. Sales also rose 300% over the first nine months of Lycos’s fiscal year (or 188% if the purchase of Spray Network and Multimania are excluded).
News sources: Handelsblatt (Germany); BBC Online Business News (UK)