LOK smarting after ASX start

LOK smarting after ASX start

Internet search giant, LookSmart, made its debut on the ASX today opening at $3.30, and hitting a high of $3.39.

More than 90 million shares were traded in the first hour.

The company has forecast the stock price to increase to $4.47 within 12 months.

At the close of today's trading LookSmart CDIs were valued at $3.16.

The LookSmart internet directory attracts 65 million users worldwide. Forty-five million of those are based in the US and provide more than 90 per cent of the company's income.

While revenues reached $US48.9 million last year, the company made a net loss of $US74.5 million; however, the company expects to turn a profit by the end of 2001.

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