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Bankrate warns of weak 2013; shares slide
February 12, 2013 / 10:16 PM / 5 years ago

Bankrate warns of weak 2013; shares slide

(Reuters) - Bankrate Inc (RATE.N), which operates personal finance websites, reported a lower-than-expected fourth-quarter profit and forecast 2013 revenue significantly below analysts’ estimates.

The company’s shares fell 23 percent in extended trading, after closing at $12.38 on the New York Stock Exchange on Tuesday.

Bankrate expects 2013 revenue to be relatively unchanged from last year. The company reported revenue of $457.2 million in 2012.

Analysts on average were expecting 2013 revenue of $498.5 million, according to Thomson Reuters I/B/E/S.

Net income fell to $300,000, or break-even profit, for the fourth quarter, from $14 million, or 14 cents per share, a year earlier.

Excluding items, earnings were 6 cents per share.

Revenue fell 18 percent to $93.2 million.

Analysts on average expected earnings of 11 cents per share on revenue of $106.3 million.

Reporting by Aman Shah in Bangalore; Editing by Sriraj Kalluvila

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