- Local Corp. (NASDAQ:LOCM) has cratered, down 20%, after a Q1 report where revenues dropped by 50% and missed expectations and net loss widened by more than 60%.
- Adjusted EBITDA of -$2.2M vs. an expected -$0.08M.
- Revenue breakout: Owned & Operated, $8.28M (down 27.5%); Network, $4.8M (down 67.4%).
- Unique visitors in Q1 of 59M, sequentially flat. Average uniques/month for nQuery Mobile Search of 3M (about 400K daily searches).
- The company says that due to factors including "exploration of strategic alternatives and the revenue growth taking longer than expected," it's withdrawing guidance.
- Conference call at 11 a.m. ET.
- Press Release