Information technology media company TechTarget has released its first quarter financial results with revenues at $23.9 million, up 30 percent over $18.3 million during the same period in 2007. However, the company posted a $112,000 net loss for the quarter.
The company attributes much of the profit loss to increases in stock-based compensation expense and the amortization of intangible assets expense.
Online revenues were up 38 percent to $18.9 million, representing nearly 80 percent of overall revenues. TechTarget recently launched SearchDataBackup.com and SearchSMBStorage.com, and says the integration of KnowledgeStorm, which it acquired in November for $58 million, is on schedule.
“We continue to execute well against the big opportunity in our market as evidenced by our online revenue growth of 38 percent in the quarter,” TechTarget chairman and CEO Greg Strakosch said in a statement. “The migration of marketing dollars to targeted, online products that deliver measurable ROI is continuing to fuel our growth.”
TechTarget’s adjusted EBITDA for the quarter increased 24 percent to $3.6 million.