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Monday, 30 July, 2001, 09:01 GMT 10:01 UK
Terra Lycos trims losses
Terra Lycos logo
The powerhouse's shares have fallen 35% this year
Shares in Spain's Terra Lycos, one of Europe's biggest internet firms, rose 2.3% on news that the company had cut its losses in the second quarter.

Terra Lycos, which is controlled by Spanish telecoms giant Telefonica, unveiled a second-quarter loss of 65m euros ($57m; 40m), 10m euros less than in the first three months of the year.

The firm's revenues came in at 180m euros, up by one-third compared with the second quarter last year.

The revenue figure beat expectations. Earlier in the year, Terra Lycos said second-quarter sales would be 165m-170m euros.

Big business

Terra Lycos is Europe's third-biggest internet service provider, and operates popular search engines and web portals in the Spanish-speaking world and beyond.

The company was formed last year after Telefonica's Terra Networks merged with US-based web portal Lycos in a deal then valued at $12.5bn.

Through a mixture of acquisitions and expansion, Terra Lycos is now operating in 41 countries and 20 languages.

The firm recently announced a push in the US market, but its strategy has been hampered by a plummeting share price.

Terra Lycos's shares have already fallen by one-third this year, after dropping by 80% in 2000.

See also:

22 May 01 | Business
Lycos Europe shares surge
14 May 01 | Business
Lycos shares leap 30%
10 May 01 | Business
Terra Lycos looks for US buy
03 Apr 01 | Business
Dot.coms debate survival strategy
23 Apr 01 | Business
UK internet use growing
01 Feb 01 | Business
Terra Lycos chiefs step down
16 May 00 | Business
Terra and Lycos tie knot
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