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CNET (NASDAQ: CNET) is dodging corporate raiders who would like to replace its board. The company needed to post good results for the last quarter and a strong forecast.
Part of what CNET needed to accomplish happened. Revenue for the fourth quarter was $125.5 million, an 11% increase compared with the same period of 2006. Operating income totaled $20.9 million during the fourth quarter, up from $8.2 million in the year-ago quarter
The CNET net income results were strong, but they were helped by a $203 million tax gain.
On the negative side of the ledger, CNET's CFO moved on, without much explanation. And guidance for this year did not look very good. According to Barron's, "for Q1, the company sees revenue of $91 million to $95 million, with a pro forma EPS loss of 4-5 cents a share; the Street was looking for $98.7 million and a loss of a penny."
The weak forecast gives investors who want the board and management out more ammunition.
Douglas A. McIntyre is an editor at 247wallst.com.
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