Demand Media reports record revenue and profit
Nov 5 (Reuters) - Demand Media reported on Monday record quarterly revenue and profit because more people are visiting its websites such as eHow, LiveStrong and Cracked.
The company said third quarter revenue excluding traffic acquisition costs rose 19 percent to $92.8 million. Analysts on average were expecting $91.5 million according to Thomson Reuters I/B/E/S.
Net income for the third quarter was $3.2 million, or 4 cents per share, compared with a loss of $4.1 million or a loss of 5 cents per share in the same period a year ago.
"Demand Media's audience surpassed 125 million monthly unique visitors during the third quarter, as we delivered record revenue and profitability," Richard Rosenblatt, chairman and chief executive of Demand Media, said in a statement.
Demand Media relies on freelance writers, photographers and videographers to provide articles and videos designed to appear at the top of Internet searches that in turn generate advertising.
Shares of Demand closed up 6 percent at $8.74 on Monday.
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