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Phorm Reports $27.9m Operating Loss
Behavioral advertising company Phorm yesterday reported an operating loss of $27.9m for the year ended December 2010. The company reported zero revenue for the period but says this will change in the current financial year.
The majority of the losses were incurred in the UK, which acts as a global hub for the company. The annual report cites as recent highlights: the start of revenue generation in its operation in Brazil following successful trials; validation of its commercial offering (including opt-ins and advertising pricing and performance); progress with ISPs in both China (where it is currently negotiating contracts with a number of ISPs) and Europe; and comfortable current funding with the promise of more.
Phorm has had some good news in 2011 so far having raised new capital in March and having the CPS cease investigation of its privacy case against the company's ad targeting project with BT in 2007.
The company blames the 2010 losses on a 'slower roll-out than anticipated' of its operations in Brazil with local ISPs Oi and Telefonica. CEO Kent Ertugrul says: 'We expect Brazil alone to make the group substantially profitable in due course'.
Web site: www.phorm.com .
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