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New media firm Local.com has reported a $5.4 million GAAP net loss for the second quarter of 2011 compared to a first quarter loss of $1.3 million.
The Irvine, California based firm reported that traffic monetization was challenging in the second quarter, with revenues dropping to $15.6 million, down 7% from first quarter (2011) revenue of $16.8 million.
CEO Heath Clarke remained upbeat despite the increasing losses, saying in a statement that “we have laid the foundation for our expected return to strong second half revenue growth. We believe that our recent acquisitions provide us with the teams and technologies needed to broaden our product range, and we’ve improved our sales capabilities in order to sell our products directly to local merchants”
“We retained our agreement with Yahoo!, and we’re encouraged by early indications of monetization improvements from our new ad partner. The acquisition of Screamin’ Media Group accelerates our growth in the daily deals space, and we delivered record organic traffic for the second quarter.”
Local.com allows businesses to connect with local customers using a variety of digital marketing products. The company reaches more than 20 million consumers each month via its flagship Local.com website, 1,400 regional media sites and more than 100,000 geo-category websites.
