FortuneCity.com Inc, the New York-based community site operator which made its debut on the Frankfurt Neuer Markt in March, has recorded second-quarter losses of $4.3m on revenue that rose 563.5% to $1.5m. The company made losses for the six months of $7m on revenue that rose 650% to $2.4m.
Despite indications this week on Wall Street that the web and tech stocks bubble is about to burst, the New York-based firm has recorded results entirely in keeping with the internet business model with soaring revenue and massive losses. Peter Macnee, president and chief executive officer, was more than satisfied with the company’s performance, saying our business strategy has again paid off this quarter.
FortuneCity.com has just begun offering services in Dutch and Portuguese, bringing the total number of languages to eight. The company intends to increase advertising revenues from a partnership with an e-commerce operator that it is close to signing. The deal will introduce thousands more brands to its user base, which currently stands at 3.1 million.
