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Thursday, 7 November, 2002, 15:58 GMT
Investors run scared of Terra Lycos
Web portal Terra Lycos has managed to reduce its third-quarter losses but failed to inspire its investors with confidence.

A dip in advertising and customer revenues revived doubts about the Spanish internet company's business model.

The company's earnings came in at 26m euros ($25.9m) before interest, tax, depreciation and amortisation (EBITDA).

Terra Lycos' losses decreased by 18% and beat analysts' forecasts of 28.7m euros.

However, the company' revenues fell almost 10% to 146m euros, compared with the previous quarter.

"Terra's business does not appear to be consolidating, sales are not growing," said Nicolas Lopez, head of research at M&G in Madrid.

"With this level of sales it is going to be impossible to reach break-even and if revenues do not increase then the business is not viable."

The company's total paying clients reached 2.5 million, an increase of 12% on the previous quarter.

Terra Lycos' stock has lost more than 45% of its value so far this year.

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