1 Articles for 'Jungwook Lim'
- 2009/11/10 Daum-owned Lycos Posts First-ever Profit in 5 Years (2)
Web 2.0 | 2009/11/10 14:55 | Web 2.0 Asia
Those were the heydays for Lycos, but the company went downhill as the Dot Com boom became Dot Com bust. The company ended up in the hands of Spain's Terra Group, and then later got sold again to Korea's Daum. Lycos didn't flourish under Daum's ownership either -- Lycos was a money-losing business for Daum for a long time, eating away Daum's what little profits.
But (drum rolls please) not anymore. Recently Lycos announced the company posted the first profit in over 5 years. Jungwook Lim, Lycos CEO (whom I know well), is obviously gung-hoed by the company's surprising turnaround. According to Lim, Lycos posted around $1mm quarterly profit in Q3 '09. This is a remarkable feat, especially given the fact that Lycos is not a major internet destination site anymore.
It remains to be seen if Lycos will continue posting profits, or more fundamentally, churn out good services that will put Lycos on the map yet once again. But Lim and co. definitely deserve huge credit and kudos for what they have already achieved. Turning Lycos around? That's a heck of a job.