Internet venture company CMGI, whose holdings include the portal Alta Vista and web advertising specialist Engage Technologies, revealed yesterday a massive $2.56 billion loss ($7.86 a share) during its fiscal second quarter ended January 31. This compares with a loss of $185.5m ($74 cents a share) during the same period a year back.

A doubling of revenues in the quarter to $342.7m was negated by the write-down of certain assets. This decision contributed toward the record loss and was taken in the light of last year’s fall in internet-related stocks.

Seemingly, however, investors approved of CMGI’s action and its shares rose 6 cents to $3.91.

News source: New York Times