ReachLocal Inc. reported a wider loss and lower revenue for the first quarter.
The Woodland Hills company, which provides online marketing services to small businesses, reported a net loss of $12.8 million (-44 cents a share) for the quarter ended March 31, compared to a loss of $6 million (-21 cents) for the same quarter a year ago. Revenue declined 20 percent to $99.6 million.
Analysts on average expected a net loss of 44 cents on revenue of $103 million, according to Thomson Financial Network.
Despite the poor financial results, the company said it made progress with a new sales model and it plans to return to profitability by the end of the year.
The announcement of results came after markets closed on Thursday.
Shares of ReachLocal closed up 11 cents, or nearly 4 percent, to $2.98 on the Nasdaq.
United Online Inc. reported on Tuesday a sharply lower loss in the first quarter.
The Woodland Hills Internet service and social-media company reported a net loss of $859,000 (-6 cents a share) for the quarter ended March 31, compared with a loss of $10.4 million (-75 cents) in the same period a year earlier. Revenue dropped 10 percent to $49.9 million.
Analysts on average expected net income of 10 cents a share on revenue of $49.3 million, according to Thomson Financial Network.
“We made progress in both stabilizing our core business and with our new strategic initiatives,” Chief Executive Francis Lobo said in a prepared statement. “We saw growth with users and engagement in addition to advancing our new product development efforts.”
During the quarter, United Online introduced Swappable, a mobile app that allows users to purchase, share, personalize, and swap gift cards from a variety of merchants; and Vobe, an app designed to expand the reach of StayFriends’ social media platform to younger demographics.
Shares closed down 41 cents, or 2.5 percent, to $15.88 on the Nasdaq.
Mission Valley Bancorp reported on Tuesday a sharp increase in first quarter net income.
The Sun Valley holding company, which operates Mission Valley Bank, posted net income of $533,000 for the quarter ended March 31, up 48 percent from $360,000 in the same period a year earlier.
Total interest income grew 9 percent to $3.1 million as net loans grew 13 percent to $189 million. Total deposits grew 3 percent to $234,940. All results were unaudited.
“Steady progress was made across the board throughout the first quarter,” said Chief Executive Tamara Gurney, in a prepared statement.
The bank has recently taken steps to streamline operations, closing its Valencia branch and laying off two employees when its five-year lease on the property expired at the end of March.
In March, the bank announced its first-ever dividend, paying out 5 cents a share to shareholders of record as of March 16.
Shares were flat at $6.50 in over-the-counter trading.