Go.com on Wednesday announced a net loss of $52.6 million for its fiscal third quarter and gave a glimpse at its evolving Internet strategy by renaming itself as the Walt Disney Internet Group.
The loss beat analysts’ expectations and was an improvement over results from the previous quarter, when Go recorded a net loss of $72.6 million.
Revenues for this quarter totaled $86.3 million, down from the previous quarter’s $97.6 million.
Beginning Monday, the Go.com ticker will be discontinued on the New York Stock Exchange, replaced by “DIG.”
Chairman Steve Bornstein said the new name reflects the broader approach that the Mouse House is taking with new media, emphasizing initiatives in enhanced TV and e-commerce. These ventures include an enhanced version of the Emmy broadcast in which Netizens can log on and vote on how host Garry Shandling is doing, and the bow of VacationTogether.com, which will allow families to book travel plans online.
No specifics were given on the redesign of the Go portal, although execs said they are labeling the venture as a “Web guide” for leisure, recreation, entertainment and lifestyle. The relaunch is anticipated for September.
The earnings report was made after the market closed Wednesday. During the day’s trading, shares of Go fell slightly more than 1% to $10.56.