Promotions.com, Inc. (Nasdaq: PRMO) fell 17/32 to close at 1 15/16 Wednesday after the Internet advertiser, in a statement echoing those of others in the industry, warned of a third quarter loss because of a cutback in spending by businesses.
Revenue for the quarter will likely be between $6.4 million and $6.9 million, resulting in a loss before charges of $5.8 million to $6.5 million, or 41 to 46 cents per share, the company said.
“The third quarter has been difficult for e-marketing companies,” said chairman and chief executive officer Steven H. Krein. “Our top-line estimates reflect the broad slowdown in online ad spending by Internet companies during the third quarter.”
The New York-based Promotions.com helps marketers and advertising agencies with their Internet campaigns.