Local off 3% premarket as revenue slides

|About: Local Corporation (LOCM)|By:, SA News Editor

Local Corp. (NASDAQ:LOCM) is 2.9% lower premarket as revenues took a tumble, down almost 40% Y/Y.

Network revenue of $7.8M was up 21% in Q4, but O&O revenue slipped 27% to $8.5M.

CEO Fred Thiel says the results were consistent with their early announcement: "We were disappointed with our revenue," but the transformation they began last year is taking hold: "to grow our mobile search market share; to monetize our audience through programmatic media buying; to attract advertisers by ensuring the highest traffic quality; and to increase our audience across all our platforms."

Margins were higher at 26%. Monthly unique visitors were 59M, down sharply from the prior year's 80M and from 66M in Q3.

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