About.com, Inc. (Nasdaq: BOUT) rose 4 13/16 to 34 5/16 Friday after reporting narrowing losses. An upgrade by E*Offering to strong buy from buy also helped lift the stock.
The New York-based Internet portal said revenue for the first quarter rose to $15.8 million from $2.4 million in the year-earlier quarter, while the pro forma net loss narrowed to $7.5 million, or 44 cents a share, from $7.9 million, or 91 cents. Including non-cash charges, the loss was $13.1 million, or 78 cents a share, compared with $11.9 million, or $1.37.
Chairman and Chief Executive Scott Kurnit said the company is “on track to reach profitability during the second quarter of 2001.”