Miva has resolved its patent suit with Yahoo Search Marketing in an effort to return to profitability, and reported a net loss for the quarter - the third time in a row - reports ClickZ. Net loss was $125.2 million, or $4.08 per share, including a $119 million impairment charge and settlement charges from the Yahoo lawsuit. Revenue was up 76 percent to $48.8 million, from $27.8 million in the year-ago quarter. Miva again attributed its poor financials to a February decision to improve the quality of its network by eliminating underperforming distribution partners.
Miva yesterday agreed to pay $8 million to settle a four-year-old patent dispute over who owns the bid-for-placement technology that drives paid search advertising. Yahoo agreed to drop all claims in the lawsuit. Miva will also pay an ongoing fee to Yahoo for a non-exclusive license to various Yahoo patents.
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