Miva dealing with shortfall
ADOTAS — Miva has reported a net loss of $1 million, including a loss of $2.8 million, compared to a loss of $5.1 million a year ago.
Miva sold MIVA Media to Adknowledge $11.6 million for MIVA Media in March. MIVA Media, was nan advertising network, and included the Espotting and Findwhat.com brands. Another of MIVA, Inc.’s divisions, MIVA Direct, was not part of the transaction and continues to be owned and operated by MIVA. The company is focusing on the expansion of its toolbar and ALOT product portfolio.
According to Peter Carrao, president and CEO, the Q1 ’09 revenue was $6.2 million compared to $8.5 million in Q4, and the reduction in revenue from Q4 ’08 to Q1 ’09 was primarily a result of the both the decline in users of the toolbar home page and desktop products and a decline in average revenue per user.
“..The decline in the number of users of our toolbars, home pages and desktop products; as a reminder our primary channel for acquiring new users is direct response and display advertising. As we focused on managing our balance sheet in the lead up of the Miva Media sale, we reduced our advertising spend and this impacted our base, and in turn our revenues that we generated.”
Carrao also said a new name for the company will be announced shortly.
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