CrowdGather Inc. reported slightly reduced losses for its third fiscal quarter as it saw some increased advertising on the Internet forums it operates.
The Woodland Hills company reported a net loss of $682,193 (1 cent a share) in the quarter ended Jan. 31, compared to a loss of $746,980 (1 cent) for the same period a year earlier. Revenue fell 7.5 percent to $508,689.
CrowdGather makes money from advertising on Internet forums it owns. It also has an advertising service that places ads on third-party forums.
Chief Executive Sanjay Sabnani said the company’s own forums are performing well but the ad network it acquired in 2010 has required more resources than expected.
“Although our advertising marketplace has yet to contribute to revenue growth, we expect to dedicate more resources toward the platform and anticipate a benefit during the 2013 calendar year,” he said, in a statement.
The company’s results were announced after the market close on Thursday. No analyst covers the stock, which trades over the counter.
Shares lost one-tenth of a cent to close at 6.5 cent on Friday.