To this end, CNET purchased MP3.com and Webshots. It has invested heavily in GameSpot, a portal of more than 3.5 million registered users.
For CNET, the new focus means getting advertising money from mega companies like Sony
Is it working? Well, in the third quarter, the company posted revenues of $70.5 million, which was a 22% increase from the same period a year ago. Net income was $1.1 million, which compares with a net loss of $5.8 million in the year-ago quarter.
True, the results were strong, but they were a letdown for investors. Then again, investors are somewhat spoiled by the super growth of Net stars such as Yahoo!
Investors have something else to wonder about: The chief financial officer of CNET is moving to another role in the company. Is there a problem in terms of managing the company's finances?
Speaking of finances, CNET also announced a $300 million shelf registration -- even though it has $93 million in the bank. This filing will allow the company to raise money at a moment's notice. Perhaps CNET is contemplating a big acquisition? After all, the company wrote a check for $60 million for Webshots.
Fool contributor Tom Taulli does not own shares in the companies mentioned in the article.