Earnings: PlanetOut’s Q2 Revenues Grow, But So Do Losses

Despite various attempts to arrest its financial troubles, gay/lesbian social net/entertainment site PlanetOut (Nasdaq: LGBT) reported a significant net loss for Q2 of $31 million, or a loss of $1.77 per basic and diluted share. This compares with the $0.4 million net loss for the same quarter a year ago, a loss of $0.02 per basic and diluted share. And while total revenues grew a reasonably healthy 14 percent to $18.5 million from Q206′s $16.3 million, the company’s other results were mixed:

– Ad services revenue fell 8.2 percent to $6.7 million, from $7.3 million in Q206.

– Q2 subscription services revenue slid 9.5 percent to $5.7 million, from $6.3 million.

– Transaction services revenue was $6.1 million, up 125.9 percent from $2.7 million for the same quarter a year ago.

– Karen Magee, PlanetOut’s CEO, said in a statement that the company is still going through a time of transition and is making efforts to right itself. During the quarter, PlanetOut signed an agreement to raise $26.2 million through an equity financing transaction, which closed in early July 2007. In terms of reducing its costs, last month, the company said it would close PlanetOut’s international offices. It expects its full year 2007 revenue to end up between $70 million and $75 million. Last year, the company’s total revenue was $68.6 million. Earnings releases | Webcast