Cnet Reports Loss

Cnet Inc. reported an operating loss of $29.8 million, or 40 cents a share, a downturn from income of $4.4 million, or 6 cents, a year ago. Analysts on average expected a deeper loss of 44 cents. Revenue jumped 95% to $38.3 million, better than forecasts of $33.5 million. Cnet’s shares fell as much as $3, to $49, on electronic networks after earnings were released after the close of trading. Cnet had closed up $1.25 at $52 in regular Nasdaq trading. Separately, Electronic Data Systems Corp. said fourth-quarter profit rose 12% to $295 million, or 61 cents a share, exceeding forecasts by 2 cents, as new customer contracts more than quadrupled. Sales grew 11% to $4.88 billion.