InfoSpace, a provider of metasearch technology, has reported revenues of $61.63m for the first quarter of 2011, compared to $61.77m for the same period last year.
Service revenues decreased 16.4% to $51.65m from $61.77m, while product revenues were $9.9m in the first quarter of 2011.
The company posted gross profit of $21.15m, compared to $18.21m for the same quarter last year.
For the first quarter ended 31 March 2011, the company posted a net income of $2.13m and diluted EPS of $0.06, compared to net income of $1.54m, or $0.04 earnings per share in the first quarter of 2010.
The company’s cash, cash equivalents and marketable securities as of 31 March 2011 totaled $249.8m.
InfoSpace president and CEO Bill Ruckelshaus said the company delivered another strong quarter as they exceeded their expectations in both revenue and Adjusted EBITDA.
"Our increased profitability was largely due to the strength of the search business, and we are pleased with the sequential performance and will continue to invest in initiatives that position us for long-term growth," Ruckelshaus said.
The company expects revenues to be in the range of $59m and $62m, and net income to be in the range of $1.5m and $2.5m for the second quarter of 2011.
