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CNet 3Q Revenue Jumps 13 Percent

October 23, 2006

SAN FRANCISCO (AP) _ CNet Networks Inc., an online publisher of technology news and reviews, said Monday its third-quarter revenue grew 13 percent, but it will delay filing its official results until an accounting review of its past stock-option grants is complete.

Quarterly revenue rose to $92.8 million from $81.9 million during the same period last year.

Analysts polled by Thomson Financial forecast $92.8 million in revenue.

For the fourth quarter, CNet said it expects revenue of $108 million to $115 million. For the full year, the company forecast $376 million to $386 million in revenue.

Analysts project $111.3 million in revenue for the fourth quarter, and $379.8 million for fiscal 2006.

CNet is one of at least 93 companies that have been questioned by the Securities and Exchange Commission or the Justice Department for the timing of past stock options grants.

CNet previously said it found instances in which actual measurement dates for certain past stock options differ from recorded measurement dates, and that these accounting errors will require the company to restate certain past financial statements.

CNet said it will not file its full financial results for the quarter until the restatement process is complete.

CNet said that in the third quarter, its sites averaged 124.5 million unique visitors per month, up 13 percent from the year-ago period. CNet noted that it launched a new food-related Web portal, Chow, during the quarter.

Shares of CNet climbed 45 cents, or 5.3 percent, to $8.89 after hours, after falling 3 cents to end the Nasdaq session at $8.44. The stock has ranged between $7.07 and $16.09 over the past year.

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