Bellevue-based InfoSpace reported a jump in second quarter profit and revenue, surprising analysts. The internet search company's shares rose more than 11 percent in after-hours trading.
InfoSpace said Q2 net income increased to $2.9 million, or 8 cents per share, from net income of $1.9 million, or 6 cents per share, the same quarter a year ago. Second-quarter revenue was $43.8 million, up 14 percent from the year-ago quarter. Analysts polled by Thomson Reuters First Call expected a Q2 loss of 2 cents a share and $38 million in revenue.
InfoSpace CEO Will Lansing pronounced himself "extremely pleased" with the results. "We achieved revenue growth and greater profitability in a tough economy. At the same time, we continue to invest in new product initiatives including the launch of two new metasearch sites in the quarter," Lansing said in a statement.
InfoSpace yesterday unveiled an upgraded metasearch engine at InfoSpace.com -- though it faces a long uphill climb to compete against the likes of Google and Bing-Yahoo for a piece of the search market. Last month, the company launched a charity search engine called DoGreatGood.com -- which will donate half its net revenue to various charities.
InfoSpace shares were up more than 11 percent in after-hours trading to $8.13.
The company said it ended the second quarter with $208.3 million in cash, cash equivalents, and marketable securities, including $8.2 million of auction rate securities. The company said it had no debt obligation at the end of Q2.
InfoSpace gave guidance for the third quarter, saying it expects revenue between $47 million and $49 million and operating results to be between a net loss of $500,000 and net income of 500,000, or a net loss of 1 cent per share to net income of 1 cent per share.
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