BELLEVUE, Wash.-Wireless and Internet software provider InfoSpace Inc. said revenues in its wireless business have declined by $500,000 during the past year and that continuing price erosion in its wireless segment would contribute to an expected continuing decline in company revenues.
InfoSpace reported a first-quarter net loss of $1.3 million, way down from the net loss of $240 million it reported in the same quarter last year. The company’s wireless revenues were down to $6.1 million for the quarter, a decrease the company said was due to the loss of one key customer and continued industry price erosion. The company said wireless segment income totaled $500,000 for the quarter.
“We are pleased with our quarterly results,” said Jim Voelker, chairman and chief executive officer of InfoSpace. “We are focused on our customers and improving product and service quality to maximize our long-term growth and profitability.”
InfoSpace said due to weak wireless and wireline business it expects revenues to be down in the coming quarter, and that may also incur additional restructuring costs in the future.
The company’s stock was down about 9 percent after the news to about $11.77 per share.
