Tech Target loses $543,000 in second quarter as revenue slides; restates first quarter figures

TechTarget loses $543K in second quarter

NEEDHAM, Mass. — TechTarget Inc. said Monday that it lost $543,000 in the second quarter as sales fell.

For the three months that ended June 30, the company that sells marketing services and products to information technology firms, had a net loss that equated to a penny per share. That compares with a year-ago net profit of $1.05 million.

Revenue for the period slid 21 percent, to $21.7 million, down from $27.6 million last year.

Analysts surveyed by Thomson Reuters expected the company’s revenue to be $22 million.

Also Monday, the company restated its first quarter results, and said its loss for that period widened.

For the three months that ended March 31, the company said it lost $2.3 million, or 6 cents per share. That compares with a previous first-quarter loss of $436,000, or a penny per share. Revenue slid 21 percent to $18.5 million, down from $23.3 million.

Analysts expected the company to break even during the period of revenue of $18.1 million.

Chairman and CEO Greg Strakosch said the restatement involved the timing of its recognizing revenue.

Also Monday, TechTarget said it expected to lose between $700,000 and $230,000 in the third quarter. It expects revenue between $21.7 million and $22.7 million for the three months that end Sept. 30.

TechTarget shares fell 6 cents, or 1 percent, to $5.65 in trading Monday.