Stock Watch: Wider Loss, Downgrades Sink NetObjects

NetObjects, Inc. (Nasdaq: NETO) fell 3 13/16 to 3 3/8 Friday after reporting a wider-than-expected loss for the fiscal third quarter. Reported downgrades by analysts at Advest, Inc. and US Bancorp Piper Jaffray also hurt the stock.

The Redwood City, California-based e-business software maker said revenue for the quarter ended June 30th rose to $10.7 million from $5.2 million, but its net loss for the quarter increased to $7.4 million, or 24 cents per share, from $5.9 million, or 36 cents on fewer shares outstanding, in the year-earlier quarter. Analysts were reportedly looking for a net loss of 11 cents.

Latest-quarter results included expenses totaling $292,000, or a penny per share, for incubating a new business and cutting staff, among other things.

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