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Friday, Dec 1, 2023

ReachLocal Meets Street Expectations

ReachLocal Inc. met analyst expectations in the first quarter, based on results announced Tuesday. The Woodland Hills Internet marketing company reported a net loss of $6.2 million (-21 cents a share) for the quarter ended March 31, compared to a loss of $12.8 million (-44 cents) for the same quarter a year ago. Revenue declined 21 percent to $78.7 million. Analysts on average expected a loss of 21 cents a share on revenue of $77.7 million, according to Thomson Financial Network. The company issued second-quarter guidance of revenue in the range of $79 million to $81 million. “ReachLocal continues to make measurable progress building and sustaining a profitable business model,” Chief Executive Sharon Rowlands said in a statement. “Our second quarter guidance indicates that we believe we are making progress towards revenue growth and we are also encouraged by our continued product-line expansion, which we expect to provide us with strong cross-selling opportunities moving forward.” The company released earnings after market close Tuesday. Shares closed down 3 cents, or 1.7 percent, to $1.73 on the Nasdaq. In early after-hours trading, shares were up 22 cents, or nearly 13 percent, to $1.95.

Joel Russel
Joel Russel
Joel Russell joined the Los Angeles Business Journal in 2006 as a reporter. He transferred to sister publication San Fernando Valley Business Journal in 2012 as managing editor. Since he assumed the position of editor in 2015, the Business Journal has been recognized four times as the best small-circulation tabloid business publication in the country by the Alliance of Area Business Publishers. Previously, he worked as senior editor at Hispanic Business magazine and editor of Business Mexico.

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