Internet ad firm DoubleClick posted a near tenfold increase in its Q3 losses, as the slump in online advertising continues to bite.

The company’s third-quarter net losses came in at $103.5 million, far wider than the $10.7m in Q3 2000, on a 31% fall in revenues to $92.7m. Without one-time items, the pro forma loss stood at $12.6m, down from last year’s $3.7m profit but broadly in line with analysts’ expectations.

DoubleClick chief executive Kevin Ryan forecast that Q4 earnings would be better than expected, despite anticipated revenues of $84m–$92m, lower than analysts’ projections of $100.9m. Although it would not be drawn on precise predictions, the company expects to make a pro forma profit next year, following drastic cost-cutting.

News source: New York Times