Shares of online technology network ZDNet, (Nasdaq: ZDZ) which features e-commerce offerings such as auctions and shopping-comparison services, climbed 1-3/16 to 19-11/16 after the company released a strong earnings report on Thursday. ZDNet reported a profitable 1999 second quarter, with revenues increasing to $22.9 million, a 87 percent increase over the $12.3 million for the second quarter of 1998.
Net income for the second quarter of 1999 was $816,000 or 1 cent per share, compared to a loss of four cents per share in the second quarter of 1998. Despite Thursday’s gains, ZDNet, which is starting to look like a decent Internet value play, is trading near its lows of the year and about 35 points off its highs. This stock still looks like it has some upside.