Question: Excite signed a pact with Netscape in 1999 under which it paid $86.1 million to share revenues from co-branded search-and-directory services. It wrote off two

Excite signed a pact with Netscape in 1999 under which it paid $86.1 million to share revenues from co-branded search-and-directory services. It wrote off two thirds of the cost-or $56.8 million-against income immediately. Analysts objected. Why should they?

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