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Overture Now Searching In South Korea; Move To Boost Global Sales; In April, the online search firm cut its earnings view due to lower U.S. revenue.(INTERNET & TECHNOLOGY)
Byline: PETE BARLAS
Overture Services Inc. is betting that so-called paid listings will pay off overseas.
The company has expanded its Web search business into South Korea and plans to move into six other countries before the end of the year.
Search rivals Ask Jeeves Inc. and Google Inc. are also looking for a cut of the offshore market for paid listings -- a business model in which advertisers pay to be listed among Web search results.
Overture, one of the few profitable Internet companies in the U.S., is poised to get more revenue overseas, says Ted Meisel, Overture's chief executive.
"We are firmly on track to grow global revenue by over 50% to over $1 billion (in 2003)," he said during a conference call last month.
Overture needs that global revenue. In April, the company trimmed its earnings forecast for the year due in part to lower-than-expected revenue from U.S. operations.
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