Revenue at Marchex fell to $21.1 million during the second quarter, down from $37.4 million for the same period last year. Meanwhile, the company swung to a net loss during the quarter as it struggles with a tight online advertising market.
"While there are some signs of stabilization in the economy, we continue to experience an uncertain economic environment that is impacting our near-term revenue outlook. Additionally, while we made significant progress in lowering our exposure to certain financially challenged customers, conversations with these customers are still ongoing. As a result, we believe it prudent to not issue guidance at this time," said CEO Russell Horowitz in a press release.
The company's net loss for the quarter was $1.2 million, which compared to net income of $509,000 for the same period last year. The stock has lost about 29 percent of its value so far this year.
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