well. The company almost quadrupled its revenues from 2003 (US$42M) to 2006 ($162M). FAST acquired Convera's RetrievalWare in August 2007 for US$23 million. Fast's Q4 2007 Intra-quarterly update gave enterprise as 30% of its business (page 17). With Q3 2007 enterprise licence revenues of less than $4M, it was one of the less significant players in enterprise search market. More recent developments On 30 July 2007, FAST announced a reduction in revenue of 40% due to changes in financial controls on revenue recognition. It had been forecasting US$55M of Q2 2007 revenue and profitability; in a statement on the company's website, it revealed revenue would be reduced to US$35M and it would be unprofitable. According to the company it had been recognizing revenue without signed contracts using Memoranda of Understanding. The shares fell 28% to hit a three-year low. That, along with problems with lack of customer payment, was raised by Goldman Sachs in a report, written in June 2007 by Moawalla. Finansavisen newspaper on August 6, 2007, ran an article entitled "FAST under investigation again" reporting on an ongoing investigation by the unit of The Financial Supervisory Authority of Norway (Kredittilsynet) that oversees all listed companies’ financial reporting. On August 8 the company reported actual Q2 2007 numbers with revenue of US$34.1M (license sales down 41% sequentially and 24% y on y) and operating loss of US$38M. As a result of this, the company has announced that it will implement a layoff program of 20% of all staff, reducing the quarterly operational cost base in excess of US$12M, as it tries to return to profitability. It expects to be unprofitable until 2008. On 5 September 2007, FAST signed a deal with The Walt Disney Company's Parks and Resorts Online for the Fast Enterprise Search Platform, including software licenses, maintenance fees and other services. On 7 September, FAST informed investors in its quarterly update that the predicted losses for Q3 would rise again to over $60M, and that the company would be concentrating its remaining resources on the "monetization" or ad serving business managed by their Ad Momentum platform. The downplaying of those older functions and concentration on the new market area was welcomed by financial markets. Q3 2007 Results FAST received a further blow when a major customer, Schibsted, said it had made a too-risky decision in choosing to implement its own web search engine and was changing its