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. Last Updated: 07/27/2016

CompuServe Dive

NEW YORK () -- U.S. online service CompuServe has reported a $29.6 million loss for its fiscal first quarter and a decline in subscribers, continuing to lose ground to online giant America Online.

"In online services, there is AOL [America Online] and everyone else," said Adam Schoenfeld, a vice president at Jupiter Communications.

CompuServe is moving its closed, proprietary service to the lower-cost, open architecture of the Internet, but its investment in the new framework comes at a bad time, a few months after its initial public offering.

CompuServe, once a subsidiary of H&R Block Inc., went public in April at an initial offering price of $30 a share. Its stock closed at $11.875 Wednesday after dropping $1.625 following the first-quarter report.