Salon.com (Nasdaq: SALN) fell 23/32 to 3 11/32 Thursday after the online media company said results for the fourth quarter ended March 31st will be lower than previously thought.
The San Francisco, California-based Salon said it expects a pro forma loss of 35 to 42 cents a share for the quarter, compared with a 49-cent loss in the same quarter last year. Revenue will be $7.9 million to $8.3 million, up from $2.9 million.
“While we grew our revenues substantially this year and built a customer base of over 325 advertising sponsors, we fell short of our revenue goals,” said President and Chief Executive Officer Michael O’Donnell. The resignation of Bruce Roberts, senior vice president of sales, hurt results, said O’Donnell. “We plan to replace him with a senior executive who can potentially take our revenues to the next level,” he added.
On the bright side, Salon said it signed more than $2 million in new sponsorship and advertising contracts with such clients as Compaq, IBM, Ameritrade and eVineyard.