iVillage Inc. was down 29/32 at 5 5/8 in early trading Friday, after reporting a wider loss for the second quarter and announcing a new chief executive.
The New York-based online network aimed at women said revenue for the quarter rose 202 percent to $19.4 million (US$), while the loss from continuing operations before charges widened to $19.9 million, or 94 cents per share, from $15.0 million, or 63 cents. Analysts were looking for a loss of 88 cents.
Latest-quarter results from continuing operations exclude charges of $8.1 million for investment write-downs and $9.3 million for discontinued e-commerce operations. Earlier this month, iVillage said it would exit the e-commerce business, selling its iBaby division and closing two other e-commerce lines.
Separately, the company said that its president, Doug McCormick, will replace Candice Carpenter as chief executive officer. Carpenter will continue as the company’s chairman, concentrating on the company’s “long-term strategic direction,” while McCormick focuses on day-to-day operations, iVillage said.
“This is a natural step in the evolution of iVillage, and in my own evolution,” said Carpenter. “As we further drive operating leverage to gain profitability, iVillage is now at a period where Doug’s talents are extremely useful to the company.”
“It is becoming more important to put a face on our brand to help connect women to it,” said Carpenter. “In addition to leveraging the brand in other media and forging relationships, I am eager to spend more time in this role, representing the brand to women here and around the world.”
iVillage lost a chief financial officer three months ago, when Craig Monaghan resigned to take a positon at AutoNation Inc.