24/7 Europe left to drown

Will Doubleclick come to the rescue?

Interactive marketing company 24/7 has withdrawn funding from its European operation after posting a second quarter net loss of 35 cents a share.

Revenue for the quarter ending 30 June, excluding costs, was $13.4m. Including the European operations, quarterly revenue stood at $17.5m and loss was 44 cents per share.

While earnings per share beat expectations, the company has opted to withdraw from Europe in an effort to cut costs.

Media reports have speculated that 24/7 competitor Doubleclick will make a takeover bid for the company, but a spokeswoman for 24/7 Europe declined to comment.

However, she said that the European arm was taking legal advice and would consider all options for long-term survival.