================================================================================

                     U.S. SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM 10-Q

     [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934



                FOR THE QUARTERLY PERIOD ENDED SEPTEMBER 30, 2001

                                       OR

     [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
                              EXCHANGE ACT OF 1934


   FOR THE TRANSITION PERIOD FROM ____________________ TO ____________________

                         COMMISSION FILE NUMBER: 0-24559


                                MULTEX.COM, INC.
--------------------------------------------------------------------------------
             (Exact name of registrant as specified in its charter)

                                                                22-3253344
        DELAWARE                                          ----------------------
------------------------                                     (I.R.S. Employer
(State of Incorporation)                                  Identification Number)

                          100 WILLIAM STREET, 7TH FLOOR
                            NEW YORK, NEW YORK 10038
                                 (212) 607-2400
--------------------------------------------------------------------------------
               (Address, including zip code, and telephone number,
        including area code, of registrant's principal executive offices)



Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days.

                           Yes |X|                   No |_|

As of November 7, 2001, there were 32,406,350 shares of the registrant's  common
stock outstanding.

================================================================================

<PAGE>


                          QUARTERLY REPORT ON FORM 10-Q
                        MULTEX.COM, INC. AND SUBSIDIARIES


                                TABLE OF CONTENTS


                                                                           PAGE
                                                                          NUMBER

PART I.  FINANCIAL INFORMATION ..............................................  3

     ITEM 1:  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (Unaudited): ......  3

              Condensed Consolidated Balance Sheets as of
              September 30, 2001 and December 31, 2000 ......................  3

              Condensed Consolidated Statements of Operations
              for the  three months and nine months ended
              September 30, 2001 and 2000 ...................................  4

              Condensed Consolidated Statements of Cash Flows
              for the nine months ended September 30, 2001 and 2000 .........  5

              Notes to Condensed Consolidated Financial Statements
              September 30, 2001 ............................................  7

     ITEM 2.  MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
              CONDITION AND RESULTS OF OPERATIONS ........................... 10

PART II.  OTHER INFORMATION ................................................. 22

     ITEM 1.  LEGAL PROCEEDINGS ............................................. 22

     ITEM 2.  CHANGES IN SECURITIES AND USE OF PROCEEDS ..................... 22

     ITEM 3.  DEFAULTS UPON SENIOR SECURITIES ............................... 22

     ITEM 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS ........... 22

     ITEM 5.  OTHER INFORMATION ............................................. 22

     ITEM 6.  EXHIBITS AND REPORTS ON FORM 8-K .............................. 22

     ITEM 7.  SIGNATURES .................................................... 23

                                       2
<PAGE>


                          PART I. FINANCIAL INFORMATION

                          ITEM 1. FINANCIAL STATEMENTS

                        MULTEX.COM, INC. AND SUBSIDIARIES

                      CONDENSED CONSOLIDATED BALANCE SHEETS

                                 (IN THOUSANDS)

                                                   SEPTEMBER 30,    DECEMBER 31,
                                                        2001             2000
                                                     ---------        ---------
ASSETS                                              (unaudited)       (audited)
                                                     ---------        ---------
Current assets:
  Cash and cash equivalents                          $  40,937        $  20,237
  Marketable securities                                  1,030           25,493
  Accounts receivable, net                              18,210           27,497
  Other current assets                                   6,624            6,542
                                                     ---------        ---------
Total current assets                                    66,801           79,769

Property and equipment, net                             38,336           37,909
Goodwill, net                                            6,235           33,704
Intangibles, net                                        16,289           17,649
Other                                                    8,949            5,490
                                                     ---------        ---------
Total assets                                         $ 136,610        $ 174,521
                                                     =========        =========

LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
  Accounts payable                                   $   2,077        $   4,805
  Accrued expenses                                       5,941            9,742
  Current portion of capital lease obligations              69              110
  Deferred revenues                                      9,323           10,533
                                                     ---------        ---------
Total current liabilities                               17,410           25,190

Long term liabilities:
  Capital lease obligations                                 27               84
  Deferred rent                                          3,196            3,119
  Other                                                      3                3
                                                     ---------        ---------
Total long term liabilities                              3,226            3,206

Stockholders' equity:
  Preferred stock - $.01 par value:
    Authorized - 5,000,000 shares;
    none issued and outstanding                             --               --
  Common stock - $.01 par value:
    Authorized - 200,000,000 shares;
    issued and outstanding  32,405,000 shares
    at September 30, 2001 and 31,741,000 at
    December 31, 2000                                      324              317
  Additional paid-in capital                           225,699          216,683
  Accumulated deficit                                  (99,740)         (61,336)
  Deferred equity consideration                        (10,208)          (9,671)
  Accumulated other comprehensive (loss) income           (101)             132
                                                     ---------        ---------
Total stockholders' equity                             115,974          146,125
                                                     ---------        ---------
Total liabilities and stockholders' equity           $ 136,610        $ 174,521
                                                     =========        =========

              THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
                  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

                                       3
<PAGE>


                        MULTEX.COM, INC. AND SUBSIDIARIES

                 CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
                (UNAUDITED; IN THOUSANDS, EXCEPT PER SHARE DATA)

<TABLE>
<CAPTION>
                                            THREE MONTHS ENDED              NINE MONTHS ENDED
                                     SEPTEMBER 30,    SEPTEMBER 30,    SEPTEMBER 30,    SEPTEMBER 30,
                                         2001             2000             2001             2000
                                     ------------     ------------     ------------     ------------
<S>                                  <C>              <C>              <C>              <C>
Gross revenues                       $     21,314     $     22,823     $     74,340     $     58,073
Performance-based warrants                   (821)              --           (1,896)              --
                                     ------------     ------------     ------------     ------------
Net revenues                               20,493           22,823           72,444           58,073

Cost of revenues                            6,371            4,162           19,271           12,066
                                     ------------     ------------     ------------     ------------
Gross profit                               14,122           18,661           53,173           46,007

Operating expenses:
  Sales and marketing                       6,018            6,568           20,472           18,725
  Research and development                  1,599            2,773            6,166            7,795
  General and administrative                7,307            6,740           24,264           16,871
  Depreciation & amortization               4,658            3,261           13,322            7,765
  Impairment & restructuring
    charges                                 1,746               --           27,387               --
                                     ------------     ------------     ------------     ------------
Total operating expenses                   21,328           19,342           91,611           51,156

Loss from operations                       (7,206)            (681)         (38,438)          (5,149)

Other income (expense):
  Interest income                             434              916            1,512            2,252
  Interest expense                            (25)             (33)             (43)             (56)
  Equity in loss from
    unconsolidated business                  (781)                             (781)
  Other                                       (26)              --             (199)              --
                                     ------------     ------------     ------------     ------------
Income (loss) before income taxes          (7,604)             202          (37,949)          (2,953)
Income tax expense (benefit)                   75               (8)             455               87
                                     ------------     ------------     ------------     ------------
Net income (loss)                    $     (7,679)    $        210     $    (38,404)    $     (3,040)
                                     ============     ============     ============     ============

Basic and diluted net income
  (loss) per share                   $      (0.24)    $       0.01     $      (1.20)    $      (0.10)
                                     ============     ============     ============     ============

Number of shares used in:
  Basic income (loss) per share            32,326           31,173           32,052           29,780
                                     ============     ============     ============     ============
  Diluted income (loss) per share          32,326           34,369           32,052           29,780
                                     ============     ============     ============     ============
</TABLE>

              THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
                  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

                                       4
<PAGE>


                        MULTEX.COM, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                            (UNAUDITED; IN THOUSANDS)



<TABLE>
<CAPTION>

                                                           NINE MONTHS ENDED
                                                       SEPTEMBER 30,   SEPTEMBER 30,
                                                          2001            2000
                                                       -----------     -----------
<S>                                                   <C>              <C>
OPERATING ACTIVITIES
Net loss                                                  $(38,404)    $ (3,040)
Adjustments to reconcile net loss
  to net cash provided by (used in)
  operating activities:
    Amortization of equity consideration                     3,144        1,886
    Depreciation and amortization                            8,051        4,477
    Amortization of goodwill and intangibles                 3,618        1,819
    Performance-based warrant charges                        1,896         --
    Bad debt expense                                         1,612          709
    Equity in loss from unconsolidated business                 31         --
    Interest income on marketable securities                  (309)        --
    Impairment & restructuring charges                      26,610         --
    Changes in operating assets and liabilities:
      Accounts receivable                                    7,675       (7,866)
      Other current assets                                    (435)      (1,227)
      Other assets                                           1,380         (613)
      Accounts payable                                      (2,984)      (3,114)
      Accrued expenses                                      (4,008)       1,140
      Deferred revenue                                      (1,210)       1,592
      Deferred rent                                             77          554
      Other liabilities                                       --            (20)
                                                          --------     --------
Net cash provided by (used in) operating
  activities                                                 6,744       (3,703)

INVESTING ACTIVITIES
Purchase of marketable securities                          (35,016)     (17,565)
Proceeds from sale of marketable securities                 59,486       26,359
Acquisition of Sage Online and BuzzCompany,
  net of cash acquired                                        --         (6,851)
Purchase of property and equipment                         (12,831)     (17,466)
                                                          --------     --------
Net cash provided by (used in)
  investing activities                                      11,639      (15,523)

FINANCING ACTIVITIES
Proceeds from issuances of stock                             2,346       55,278
Repayment of long-term debt and capital leases                 (98)        (172)
                                                          --------     --------
Net cash provided by financing activities                    2,248       55,106

Effect of exchange rate changes on cash                         69          (68)
                                                          --------     --------
Increase in cash and cash equivalents                       20,700       35,812
Cash and cash equivalents, beginning of year                20,237        6,089
                                                          --------     --------
Cash and cash equivalents, end of period                  $ 40,937     $ 41,901
                                                          ========     ========
</TABLE>

              THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
                  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

                                       5
<PAGE>


                        MULTEX.COM, INC. AND SUBSIDIARIES
                 CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

                            (UNAUDITED; IN THOUSANDS)



<TABLE>
<CAPTION>

                                                               NINE MONTHS ENDED
                                                           SEPTEMBER 30,   SEPTEMBER 30,
                                                                2001            2000
                                                            -----------     -----------
<S>                                                         <C>             <C>
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION

Noncash investing and financing activity:

   Accrued purchases of fixed assets                        $        256   $ 2,255
                                                            ============   =======
   Issuance of restricted stock                             $      3,869   $  --
                                                            ============   =======
   Stock issued for acquisition of Sage Online              $       --     $11,037
                                                            ============   =======
   Stock issued for acquisition of BuzzCompany              $       --     $22,801
                                                            ============   =======
   Stock issued for acquisition of software                 $       --     $ 5,400
                                                            ============   =======
   Stock issued for exercise of warrants                    $       --     $     3
                                                            ============   =======
   Issuance of stock to unconsolidated business             $      1,236   $  --
                                                            ============   =======
   Net change in unrealized gain on marketable securities   $       (302)  $   156
                                                            ============   =======
   Fair market value of warrants issued                     $      1,896   $ 9,809
                                                            ============   =======
   Taxes paid                                               $        126   $     4
                                                            ============   =======
   Interest paid                                            $         43   $    56
                                                            ============   =======
</TABLE>

              THE ACCOMPANYING NOTES ARE AN INTEGRAL PART OF THESE
                  CONDENSED CONSOLIDATED FINANCIAL STATEMENTS.

                                       6
<PAGE>


              NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
                                   (UNAUDITED)
                               SEPTEMBER 30, 2001

NOTE 1 -- BASIS OF PRESENTATION

     Multex.com,  Inc. (the "Company" or  "Multex.com")  is a global provider of
investment  information  and  technology  solutions  to the  financial  services
industry,  including brokerage firms, professional money management firms, hedge
funds, venture capital firms, mutual funds, investment banks, corporations,  and
individual investors. Headquartered in New York, the Company also has offices in
London, San Francisco, Edinburgh and Hong Kong.

     The accompanying unaudited condensed consolidated financial statements have
been prepared in accordance with generally  accepted  accounting  principles for
interim financial information and with the instructions to Form 10-Q and Article
10 of Regulation  S-X.  Accordingly,  they do not include all of the information
and footnotes required by generally accepted accounting  principles for complete
financial statements. In the opinion of management,  all adjustments (consisting
of normal recurring  adjustments)  considered  necessary for a fair presentation
have been included. Operating results for the three and nine month periods ended
September  30, 2001 are not  necessarily  indicative  of the results that may be
expected  for the year ending  December  31,  2001.  The  disclosure  of segment
information  was not  required  as the  Company  operates  in only one  business
segment.

     The  balance  sheet at  December  31, 2000 has been  derived  from  audited
financial  statements but does not include all of the  information and footnotes
required by generally  accepted  accounting  principles  for complete  financial
statements.

     The  interim  financial  information  contained  herein  should  be read in
conjunction with the consolidated financial statements and notes thereto for the
year ended  December 31, 2000  included in the  Company's  Annual Report on Form
10-K.

     In June 2001, the Financial Accounting Standards Board issued Statements of
Financial  Accounting  Standards No. 141,  Business  Combinations,  and No. 142,
Goodwill and Other Intangible Assets, effective for fiscal years beginning after
December 15, 2001. Under the new rules,  goodwill (and intangible  assets deemed
to have  indefinite  lives) will no longer be  amortized  but will be subject to
annual  impairment  tests in accordance  with the Statements.  Other  intangible
assets will continue to be amortized over their useful lives.

     The Company will apply the new rules on  accounting  for goodwill and other
intangible  assets  beginning in the first quarter of 2002.  Application  of the
non-amortization  provisions of FAS No. 142 is expected to result in an increase
in net income of approximately $700,000 ($0.02 per share) per year. During 2002,
the Company will perform the first of the required  impairment tests of goodwill
and  indefinite  lived  intangible  assets as of January 1, 2002 and has not yet
determined  what the effect of these tests will be on the earnings and financial
position of the Company.

     On August 1, 2001, the Financial  Accounting Standards Board, (FASB) issued
SFAS No. 144,  "Accounting For Impairment of Long Lived Assets".  The Company is
required to adopt this  pronouncement  beginning  January 1, 2002.  SFAS No. 144
prescribes  the  accounting for  long-lived  assets  (excluding  goodwill) to be
disposed of by sale.  SFAS No. 144 retains  the  requirement  of SFAS No. 121 to
measure  long-lived  asset  classified  as held  for  sale at the  lower  of its
carrying  value  or  fair  market  value  less  the  cost  to  sell.  Therefore,
discontinued  operations are no longer measured on a net realizable  basis,  and
future operating  results are no longer recognized before they occur. The impact
of adopting SFAS No. 144 is not expected to be significant.

                                       7
<PAGE>


NOTE 2 -- STOCKHOLDERS' EQUITY

     During the three  months  ended  September  30,  2001,  the Company  issued
approximately  30,000 shares of its common stock in connection with the exercise
of stock  options to employees  and  approximately  47,000  shares of its common
stock in  connection  with vested  restricted  stock.  The  Company  also issued
approximately  274,000  shares to  TheMarkets.com,  Inc. in exchange for a 6.25%
equity ownership interest.

     During  the  three  months  ended  June  30,  2001,   the  Company   issued
approximately 144,000 shares of its common stock in connection with the exercise
of stock options to employees and the employee stock purchase plan.

     During  the  three  months  ended  March  31,  2001,   the  Company  issued
approximately 174,000 shares of its common stock to employees in connection with
the exercise of stock options.

NOTE 3 -- EARNINGS PER SHARE

     The  following  table  sets  forth the  computation  of basic  and  diluted
earnings per share for the periods  indicated  (in  thousands,  except per share
data):

                                        THREE MONTHS ENDED    NINE MONTHS ENDED
                                           SEPTEMBER 30,        SEPTEMBER 30,
                                        ------------------   ------------------
                                          2001       2000      2001       2000
                                        -------    -------   --------   -------
Numerator:

Numerator for basic and
  diluted net income (loss) per share
  - net income (loss) available for
  common stockholders                   $(7,679)   $   210   $(38,404)  $(3,040)
                                        =======    =======   ========   =======

Denominator:

   Denominator for basic net income
     (loss) per share - weighted
     average shares                      32,326     31,173    32,052     29,780
   Assumed conversion of outstanding
     stock options                           --      3,196        --         --
                                        -------    -------   --------   -------
   Denominator for diluted net
     income (loss) per share
     - weighted average shares           32,326     34,369    32,052     29,780
                                        -------    -------   --------   -------
   Basic and diluted net income (loss)
     per share                          $ (0.24)   $  0.01   $ (1.20)   $ (0.10)
                                        =======    =======   =======    =======

NOTE 4 -- COMPREHENSIVE INCOME (LOSS)

     Total  comprehensive loss was $7.7 million and total  comprehensive  income
was $250,000 for the three months ended  September  31, 2001 and  September  30,
2000, respectively.  Total comprehensive loss was $38.6 million and $3.0 million
for  the  nine  months  ended   September  30,  2001  and  September  30,  2000,
respectively.


NOTE 5 -- IMPAIRMENT OF LONG-LIVED ASSETS

     During the quarter ended June 30, 2001, the Company  recorded an impairment
charge of $25.6  million  related  to two of its  acquisitions.  There  were two
components to this special charge.

     The  first  component  reflects  the  Company's  decision  to exit the Sage
business,  resulting in a $15.3  million  special  charge.  The majority of this
charge relates to the write-down of net intangible assets  (primarily  goodwill)
associated with the Sage acquisition.

     The second  component  relates to exiting the Buzz  software  product line.
Management  performed an evaluation of the Buzz intangible  assets, as described
in Financial  Accounting  Standards No. 121,  "Accounting  for the Impairment of
Long-Lived  Assets" and concluded  from the results of this  evaluation  that an
impairment of  intangible  assets had  occurred.  An impairment  charge of $10.3
million (primarily  goodwill) was required because estimated fair value was less
than the carrying value of the assets.


                                       8
<PAGE>


NOTE 6 -- RESTRUCTURING CHARGE

     To reduce costs and streamline operations,  the Company took a $1.7 million
restructuring  charge in the third quarter related to a 15% workforce  reduction
resulting in the termination of approximately 100 employees, the cancellation of
all  marketing  contracts  associated  with the Sage  Online  business,  and the
prospective termination of one of its operating leases in New York City.

     The Company  incurred  approximately  $770,000 in  involuntary  termination
benefits that were paid and charged to the restructuring  account resulting from
the  termination  of  approximately  100  employees  in the third  quarter.  The
terminated  employees  represented  all product and operating  groups,  with the
majority  of  the  reductions  coming  from  the  Sage  Online  (26  employees),
Development (15 employees),  Operations (13 employees), Buzz (11 employees), and
Sales (10 employees) operating units.

     The  Company  incurred  approximately  $350,000  in  costs  related  to the
termination of all marketing  contracts  associated  with Sage. As of the end of
the third quarter,  the Company no longer has any marketing  obligations related
to its Sage business.

     The Company is in the process of terminating one of its operating leases in
New York  City,  but has not yet  exited the  location.  Management  anticipates
exiting  the space  within  the next six months  and has  accrued  approximately
$80,000 for expenses related to the lease termination.  The restructuring charge
also  includes  approximately  $540,000  related to the write down of  leasehold
improvements at this location.

                                       9
<PAGE>


ITEM 2. MANAGEMENT'S  DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS
OF OPERATIONS

     THE  FOLLOWING  DISCUSSION  OF  THE  FINANCIAL  CONDITION  AND  RESULTS  OF
OPERATIONS OF THE COMPANY CONTAINS FORWARD-LOOKING STATEMENTS WITHIN THE MEANING
OF SECTION 27A OF THE SECURITIES ACT OF 1933, AS AMENDED, AND SECTION 21E OF THE
SECURITIES  EXCHANGE ACT OF 1934, AS AMENDED.  STATEMENTS  CONTAINED HEREIN THAT
ARE NOT  STATEMENTS  OF  HISTORICAL  FACT MAY BE  DEEMED  TO BE  FORWARD-LOOKING
STATEMENTS. WITHOUT LIMITING THE FOREGOING, THE WORDS "BELIEVES", "ANTICIPATES",
"PLANS",   "EXPECTS"   AND  SIMILAR   EXPRESSIONS   ARE   INTENDED  TO  IDENTIFY
FORWARD-LOOKING  STATEMENTS.  THE  COMPANY'S  ACTUAL  RESULTS  AND THE TIMING OF
CERTAIN  EVENTS  COULD  DIFFER   MATERIALLY  FROM  THOSE  ANTICIPATED  IN  THESE
FORWARD-LOOKING  STATEMENTS AS A RESULT OF CERTAIN FACTORS,  INCLUDING,  BUT NOT
LIMITED TO, THOSE SET FORTH UNDER "RISK FACTORS THAT MAY AFFECT FUTURE RESULTS."

OVERVIEW

Multex.com  is a  global  provider  of  investment  information  and  technology
solutions  for the  financial  services  industry,  including  brokerage  firms,
professional money management firms, hedge funds,  venture capital firms, mutual
funds,  investment banks,  corporations and individual investors.  We offer four
main products, as follows:

o    MultexNET, launched in June 1996, provides access to real-time,  commingled
     equity and fixed income research,  global estimates and company fundamental
     information to buyside investors, sellside institutions, public and private
     corporations and libraries of professional service firms;

o    MultexEXPRESS,  launched in January 1997, offers  development,  hosting and
     real-time  distribution  of research and other  investment  information  on
     customized web sites to buyside  investments firms,  sellside  institutions
     and other financial services companies;

o    Multex  Investor,  launched in November  1998, is the  Company's  financial
     destination  web site  that  provides  financial  data and  access  to free
     research  in  return  for  permission-based  leads to  brokerage  firms and
     pay-per-view research on an embargoed basis; and

o    Market Guide,  acquired in September 1999, provides investment  information
     products to financial institutions and web sites,  institutional investors,
     corporations and professional vendors.

MultexNET is offered either on a one- to three-year  subscription  basis or on a
transactional  basis  through  Multex  OnDemand.  The  product  allows  entitled
institutional  investors,  corporations,  financial institutions and advisors to
access  full-text   investment  research  reports  on  a  real-time  basis  from
investment banks,  brokerage firms and other third-party research providers over
the Internet or through other distribution channels.

MultexEXPRESS  is also provided  pursuant to one- to  three-year  subscriptions,
generating  revenue  from  professional  services,  hosting,  and license  fees.
MultexEXPRESS  enables  financial  institutions to distribute their  proprietary
financial  research,  as well as other corporate  documents,  over the Internet,
through intranets and other private networks.

Multex Investor provides individual  investors who register as members access to
a range  of  financial  reports  and  services  online  from a  majority  of the
contributors to MultexNET. These reports are available either free of charge, or
for a fee  determined  by  the  research  provider.  Multex  Investor  generates
revenues  from  transactions,  email and banner  advertising,  and  contractual,
lead-generating  sponsorships.  Sponsors on Multex Investor include full-service
brokerage  firms and  other  financial  institutions  interested  in  attracting
individual investors to their products, services and brands.

Market Guide acquires, integrates,  condenses and publishes accurate, timely and
objective  financial,  descriptive  and  other  information  on  publicly-traded
companies. Market Guide generates revenue primarily by licensing its database in
single or multi-year contracts.

                                       10
<PAGE>


Revenue from MultexNET  subscriptions is recognized in equal  installments  over
the term of the subscription.  Revenue from transactions on MultexNET and Multex
Investor are recognized upon sale. Some of the transactional  users of MultexNET
pay a flat annual fee for the service,  which entitles them to receive  research
and other reports at a discounted rate. Revenues from these users are recognized
in  equal  installments  over  the  term  of  the  subscription.   Revenue  from
professional service fees related to MultexEXPRESS is recognized upon completion
of relevant  service,  whereas the hosting and license fees are recognized  over
the term of the  agreement.  Revenue  from  sponsorships  on Multex  Investor is
recognized in equal installments over the term of the sponsorship.  Market Guide
license fees are recognized over the term of the agreement.

The majority of costs associated with revenues from MultexNET, MultexEXPRESS,
Multex Investor and Market Guide are expensed as and when incurred.


RESULTS OF OPERATIONS

QUARTER ENDED SEPTEMBER 30, 2001 COMPARED TO QUARTER ENDED SEPTEMBER 30, 2000

The September 11, 2001 attacks on the World Trade Center took an immediate  toll
on Multex.com  and many of its customers.  As a result of the attacks,  parts of
lower  Manhattan were  inaccessible  for varying periods of time, thus impairing
access to the Company's three New York City offices, each of which is located in
lower Manhattan.

Revenues

Multex.com's gross revenues consist of subscription fees for MultexNET, sales of
investment   research  on  a  pay-per-view   basis  through   Multex   OnDemand,
subscription,  development, hosting and license fees for MultexEXPRESS,  license
and   redistribution   fees  for  the  Market  Guide  database,   and  sales  of
sponsorships,  advertising and investment  research  through the Multex Investor
web site. We also provide professional services to select MultexEXPRESS clients,
including software development, customization and integration services.

Gross revenues  decreased 6.6% to $21.3 million for the quarter ended  September
30, 2001 from $22.8  million for the  quarter  ended  September  30,  2000.  The
decrease in revenues  reflects  lower  revenues in all product  lines except for
Market  Guide,  which  reflected  the  inclusion of the Barra  Global  Estimates
business  acquired in December 2000. Gross revenues in the third quarter of 2001
totaled $21.3  million,  compared  with $23.5  million in the second  quarter of
2001, representing a decrease of 9.4%.

On a quarter over quarter basis  (September  2001  compared to September  2000),
MultexEXPRESS  revenue was adversely  impacted by the  terrorist  attacks on the
World Trade Center on September 11, 2001.  Specifically,  MultexEXPRESS suffered
the largest portion of the revenue decline, totaling approximately $1.4 million.
Approximately  $1.2  million of the  revenue  decrease  resulted  from  one-time
professional  development fees being postponed in the third quarter.  Management
expects  to  recognize   these  fees  in  subsequent   quarters.   Additionally,
approximately  $200,000 of recurring  revenue was lost in the third quarter as a
result of the attacks.  Management  believes that the Company will be reimbursed
for some portion of the lost recurring  revenue under its business  interruption
insurance  policy.  On a sequential  basis,  the September 2001 quarter declined
significantly from the June 2001 quarter reflecting the delayed and lost revenue
resulting from the September 11, 2001 attacks on the World Trade Center.

MultexNET  sales were also  negatively  impacted by the September  11th attacks.
Management estimates that approximately $400,000 in MultexNet and OnDemand sales
were lost because of the attacks.  As a direct result of the  financial  markets
being closed for four  business  days,  the Company  experienced  a  significant
decline in OnDemand report purchases in the month of September.  Management also
believes  some  portion  of this  lost  revenue  will be  reimbursed  under  the
Company's business interruption  insurance policy. When compared on a sequential
basis, the third quarter showed a decline versus the second quarter,  reflecting
a decline  in  revenues  from the  OnDemand  product  line.  This was  primarily
attributable to the September 11th attacks.

Multex Investor continued to experience sharp revenue declines on both a quarter
over quarter and sequential basis,

                                       11
<PAGE>


each of which reflects the global slowdown in the financial markets coupled with
the  attacks  on the  World  Trade  Center on  September  11,  2001.  Management
estimates that approximately  $200,000 in revenues were postponed or lost in the
quarter  as  a  results  of  the  World  Trade  Center  attacks.   Additionally,
advertising,  sponsorships  and  transactions  all  continued  to  be  adversely
impacted  by  the  downturn  in  the  financial  markets  and  from  significant
curtailments of corporate advertising budgets.

On a quarter over quarter  basis,  Market Guide  benefited from the inclusion of
the Multex Global Estimates  (formerly Barra Global Estimates)  business,  which
was acquired in December 2000, and from modest increases in vendor revenues.  On
a  sequential  basis,  the Market  Guide  business  appears to have  stabilized,
reflecting fewer bankruptcies and cancellations.

All of the Company's product lines were affected by the attacks on September 11,
2001 and by continued weakness in the global financial markets.

PERFORMANCE-BASED  WARRANT  CHARGES.  In the third quarter  ended  September 30,
2001,  the  Company  recorded   performance-related  charges  totaling  $820,000
associated  with  warrants  issued to Merrill  Lynch & Co., Inc. The Company has
classified  this  non-cash  expense  as  contra-revenue.  The  performance-based
warrant  charges will continue to be recorded by the Company in each period that
warrants are earned.

Cost of Revenues

Cost of revenues consist  primarily of fees payable to distributors of MultexNET
and Multex OnDemand, royalties payable to the authors of investment research and
content  offered  through Multex  OnDemand,  and the Multex  Investor and Market
Guide  web  sites,   internal  and  external   development  costs  incurred  for
MultexEXPRESS customers, research department costs related to the collection and
processing  of  financial  data  and  global   earnings   estimates,   and  data
communications costs.

Cost of revenues  increased 53.1% to $6.4 million in the quarter ended September
30, 2001 from $4.2  million for the  quarter  ended  September  30,  2000.  As a
percentage  of gross  revenues,  cost of  revenues  increased  to 29.9%  for the
quarter ended  September 30, 2001 from 18.2% for the quarter ended September 30,
2000.  The increase in cost of revenues was primarily  due to increased  royalty
payments to third party  contributors  resulting  from  additional  report sales
through the Multex OnDemand  platform,  the inclusion of data  collection  costs
related  to  the  Global  Estimates  business,  higher  telecommunication  costs
resulting from the new data center, and costs associated with customization work
related to development and enhancements of Express sites.

Operating Expenses

SALES AND MARKETING. Sales and marketing expenses consist primarily of salaries,
commissions,  advertising,  public  relations,  tradeshow  expenses and costs of
marketing materials. Sales and marketing expenses decreased 8.4% to $6.0 million
in the quarter ended  September 30, 2001 from $6.6 million for the quarter ended
September  30, 2000.  As a percentage  of gross  revenues,  sales and  marketing
expenses  decreased to 28.2% for the quarter ended September 30, 2001 from 28.8%
for the quarter ended  September  30, 2000.  The decrease in sales and marketing
expenses was due to a decrease in the amount of new business  booked  (resulting
in decreased commissions) and a reduction in advertising and marketing expenses.
The  Company has reduced its  marketing  expenditures  with the  majority of its
marketing dollars in the current quarter spent on generating  qualified leads to
the Multex Investor platform.

RESEARCH AND DEVELOPMENT. Research and development expenses consist primarily of
salaries and benefits. Research and development expenses decreased 42.3% to $1.6
million  for the quarter  ended  September  30,  2001 from $2.8  million for the
quarter ended  September 30, 2000. As a percentage of gross  revenues,  research
and development  expenses  decreased to 7.5% for the quarter ended September 30,
2001 from 12.2% for the  quarter  ended  September  30,  2000.  The  decrease in
research and development expenses in dollar terms was primarily  attributable to
an  increase  in the number of  internally  developed  software  projects  being
capitalized  in accordance  with SOP 98-1,  ACCOUNTING FOR THE COSTS OF COMPUTER
SOFTWARE  DEVELOPED  OR OBTAINED  FOR  INTERNAL  USE as well as a decline in the
number of developers on staff.

                                       12
<PAGE>


GENERAL  AND  ADMINISTRATIVE.   General  and  administrative   expenses  consist
primarily  of  salaries  and  benefits,   fees  for  professional  services  and
consultants,  facility  expenses,  overhead,  and office  supplies and expenses.
General  and  administrative  expenses  increased  8.4% to $7.3  million for the
quarter  ended  September  30,  2001 from $6.7  million  for the  quarter  ended
September   30,  2000.  As  a  percentage   of  gross   revenues,   general  and
administrative  expenses  increased to 34.3% for the quarter ended September 30,
2001 from 29.5% for the quarter ended September 30, 2000.  Growth in general and
administrative  expenses  reflects an increase  in the number of  employees  and
offices  worldwide,  higher bad debt reserves,  and increased  professional fees
related to development, legal and tax services.  Additionally, the third quarter
ended September 2001 included  recognition of operating  expenses related to the
BARRA Global  Estimates  business.  The BARRA Global  estimates  acquisition was
consummated subsequent to September 30, 2000.

Management expects general and administrative  expenses to decrease in aggregate
dollars  for the  remainder  of this  year as the  cost  savings  from  the cost
reduction  measures taken in the second and third quarters,  that resulted in an
impairment  charge  recorded in the second  quarter and a  restructuring  charge
(described  below) recorded in the third quarter,  materialize.  The majority of
these cost savings will be  attributable  to the 15%  reduction in personnel and
the benefit costs associated with these employees,  the elimination of operating
losses associated with Sage, a reduction in facilities  charges from the planned
termination  of the  lease  for  one of the  Company's  New  York  offices,  and
continued expense  reductions as the Company strives to align its cost structure
with projected revenues.

DEPRECIATION & AMORTIZATION.  Depreciation  and  amortization  expenses  consist
primarily  of  depreciation  related to fixed  assets,  computer  equipment  and
software,  and  leasehold  improvements,  and  amortization  related to recently
acquired  companies  and the ongoing cost of warrants  issued to Merrill Lynch &
Co., Inc. Depreciation and amortization for the quarter ended September 30, 2001
increased 42.8% to $4.7 million,  compared to $3.3 million for the quarter ended
September  30,  2000.  As a  percentage  of  gross  revenues,  depreciation  and
amortization  expenses  increased to 21.9% for the quarter  ended  September 30,
2001 from 14.3% for the quarter ended September 30, 2000. The increase  reflects
amortization related to the BARRA Global estimates business acquired in December
2000 and increased  depreciation  expenses  attributable to additional  computer
purchases.

RESTRUCTURING CHARGE. In the third quarter ended September 30, 2001, the Company
recorded a  restructuring  charge of $1.7  million.  This  charge  consisted  of
severance payments to approximately 100 terminated  employees,  the cancellation
of all marketing  contracts  associated with the Sage Online  business,  and the
anticipated termination of one of the Company's operating leases on office space
in New York City. These cost reductions reflect management's commitment to align
the Company's expense base with projected revenues.

Loss from Operations

Loss from  operations  totaled $7.2 million for the quarter ended  September 30,
2001  compared  to a loss from  operations  of $681,000  for the  quarter  ended
September 30, 2000. Loss from operations  reflects  approximately  $2 million in
postponed or delayed  revenue  resulting  from the September 11, 2001 attacks on
the World Trade Center, the global slowdown in the financial marketplace, higher
cost of  revenue  and  operating  expenses,  and  the  restructuring  charge  of
approximately $1.7 million.

Interest Income (Expense)

Net interest income  decreased 53.7% to $409,000 for the quarter ended September
30, 2001 from $883,000 for the quarter ended September 30, 2000. The decrease in
net interest income is primarily attributable to a decline in interest rates and
a lower cash balance.

Equity in Loss from Unconsolidated Business

Equity in loss of  unconsolidated  business reflects a $781,000 loss the Company
recognized  from its equity  investment in  TheMarkets.com.  This investment was
completed in the quarter ended September 30, 2001.

                                       13
<PAGE>


Income Taxes

Income tax expense  totaled  $75,000 for the quarter  ended  September  30, 2001
compared to a tax benefit of $8,000 for the quarter ended September 30, 2000.

At  December  31,  2000,   Multex  had  net  operating  loss   carryforwards  of
approximately   $50.0   million  and   research  and   development   credits  of
approximately  $1.5 million for income tax purposes  that expire in 2009 through
2020.  The  utilization  with regard to timing and amount of the  Company's  net
operating  loss  carryfowards  may be limited  due to  changes in the  Company's
ownership pursuant to Section 382 of the Internal Revenue Code.

Net loss

The  Company  recorded  a net loss of $7.7  million,  or a net loss per share of
$0.24,  for the  quarter  ended  September  30,  2001  compared to net income of
$210,000,  or a net earnings per share of $0.01, for the quarter ended September
30, 2000.  The net loss reflects the postponed and lost revenue  resulting  from
the September 11, 2001 attacks on the World Trade Center, the global slowdown in
the  financial  marketplace,  higher  cost of revenue  and  operating  expenses,
restructuring  charges,  lower  interest  income,  and the  equity  loss from an
unconsolidated business.


NINE MONTHS ENDED SEPTEMBER 30, 2001 COMPARED TO NINE MONTHS ENDED SEPTEMBER 30,
2000

Revenues

Gross  revenues  increased  28.0% to $74.3  million  for the nine  months  ended
September  30, 2001 from $58.1  million for the nine months ended  September 30,
2000. The increase in revenues reflects growth in  MultexEXPRESS,  MultexNET and
Market  Guide,  partially  offset by a  reduction  in revenue  related to Multex
Investor.  MultexEXPRESS  revenue  benefited  from an  increase in the number of
Express  sites  in  operation,   additional  customization  work  and  an  early
termination  charge  associated with one customer who decided to exit the retail
marketplace  in the first quarter of 2001.  MultexNET  sales  benefited  from an
increased number of users accessing the MultexNET service and an increase in the
number of reports  purchased  through  the  OnDemand  product.  Multex  Investor
experienced a revenue decline  reflecting the downturn in the financial  markets
partially offset by cancellation fees related to two sponsors exiting the retail
marketplace  in  the  first  quarter  of  2001.  Advertising,  sponsorships  and
transactions  on Multex  Investor  were all  adversely  impacted  by the  global
slowdown in the financial  markets and from dramatic  curtailments  of corporate
advertising  budgets.  Market Guide  benefitted from the inclusion of the Multex
Global Estimates (formerly Barra Global Estimates) business that was acquired in
December 2000 and from modest  increases in vendor revenues  partially offset by
several smaller internet distributors canceling their contracts and/or declaring
bankruptcy in 2001.

For the nine month period ended September 30, 2001, the Company incurred charges
associated with performance-related warrants issued to Merrill Lynch & Co., Inc.
totaling $1.9 million.  The Company has  classified  this non-cash  expense as a
contra-revenue  account. The performance-based  warrant charges will continue to
be recorded by the Company in each period that warrants are earned.

Cost of Revenues

Cost of revenues  increased  59.7% to $19.3 million during the nine months ended
September  30, 2001 from $12.1  million for the nine months ended  September 30,
2000. As a percentage of gross revenues, cost of revenues increased to 25.9% for
the nine months  ended  September  30, 2001 from 20.8% for the nine months ended
September  30,  2000.  The  increase  in cost of  revenues  in dollar  terms was
primarily  due  to  increased  royalty  payments  to  third  party  contributors
resulting from additional report sales through the Multex OnDemand platform, the
inclusion of data collection costs related to the Global Estimates business, and
costs  associated with increased  customization  work related to development and
enhancements of Express sites.

                                       14
<PAGE>


Operating Expenses

SALES  AND  MARKETING.  Sales and  marketing  expenses  increased  9.3% to $20.5
million  during the nine months ended  September 30, 2001 from $18.7 million for
the nine months ended  September 30, 2000.  As a percentage  of gross  revenues,
sales  and  marketing  expenses  decreased  to 27.5% for the nine  months  ended
September 30, 2001 from 32.2% for the nine months ended  September 30, 2000. The
increase  in  sales  and  marketing  expenses  was due to an  increase  in sales
personnel partially offset by a reduction in advertising and marketing expenses.
The  Company has reduced its  marketing  expenditures  with the  majority of its
marketing  dollars spent on generating  qualified  leads to the Multex  Investor
platform.

RESEARCH AND DEVELOPMENT. Research and development expenses consist primarily of
salaries and benefits. Research and development expenses decreased 20.9% to $6.2
million  during the nine months ended  September  30, 2001 from $7.8 million for
the nine months ended  September 30, 2000.  As a percentage  of gross  revenues,
research and  development  expenses  decreased to 8.3% for the nine months ended
September 30, 2001 from 13.4% for the nine months ended  September 30, 2000. The
decrease in research and development  expenses in dollar terms was primarily due
to an increase in the number of internally  developed  software  projects  being
capitalized.

GENERAL  AND  ADMINISTRATIVE.   General  and  administrative   expenses  consist
primarily  of  salaries  and  benefits,   fees  for  professional  services  and
consultants,  facility  expenses,  overhead,  and office  supplies and expenses.
General and administrative  expenses increased 43.8% to $24.3 million during the
nine months  ended  September  30,  2001 from $16.9  million for the nine months
ended  September  30,  2000.  As a  percentage  of gross  revenues,  general and
administrative  expenses  increased to 32.6% for the nine months ended September
30, 2001 from 29.1% for the nine months  ended  September  30,  2000.  Growth in
general  and  administrative  expenses  reflects  an  increase  in the number of
employees  and  offices  worldwide,  higher  bad debt  reserves,  and  increased
professional fees related to development, legal and tax services.  Additionally,
the nine months ended  September  2001  included  full  recognition  of expenses
related to the BARRA Global Estimates business acquired in December 2000.

DEPRECIATION & AMORTIZATION.  Depreciation  and  amortization  expenses  consist
primarily  of  depreciation  related  to  fixed  assets,  computer  equipment  &
software,  and  leasehold  improvements,  and  amortization  related to recently
acquired  companies  and the ongoing cost of warrants  issued to Merrill Lynch &
Co., Inc.  Depreciation and amortization for the nine months ended September 30,
2001  increased  71.6% to $13.3  million,  compared to $7.8 million for the nine
months ended September 30, 2000. As a percentage of gross revenues, depreciation
and amortization expenses increased to 17.9% for the nine months ended September
30, 2001 from 13.4% for the nine months ended  September 30, 2000.  The increase
reflects amortization related to the BARRA Global estimates business acquired in
December 2000 and increased  depreciation  expenses  attributable  to additional
computer purchases.

IMPAIRMENT & RESTRUCTURING CHARGE. For the nine month period ended September 30,
2001,  the Company  recorded an  impairment  and  restructuring  charge of $27.4
million  reflecting  the decision to exit the Sage business and the Buzz product
line as well as severance  payments to terminated  employees and the anticipated
termination  of one of the  Company's  operating  leases  on office  space.  The
majority of the charge,  approximately $25.4 million, reflects the write down of
goodwill related to both Sage and Buzz in the second quarter.

Loss from Operations

Loss from  operations  totaled $38.4 million for the nine months ended September
30, 2001 compared to a loss from  operations of $5.1 million for the nine months
ended September 30, 2000.  Loss from operations  reflects the global slowdown in
the financial  marketplace,  the impairment and restructuring  charge related to
exiting the Sage business and Buzz product line,  higher operating  expenses and
postponed and lost business due to the attacks on September 11, 2001.

Interest Income (Expense)

Net interest income decreased 33.1% to $1.5 million during the nine months ended
September  30, 2001 from $2.2  million for the nine months ended  September  30,
2000.  The decrease in net interest  income is primarily  attributable  to lower
cash balances and a decline in interest rates.

                                       15
<PAGE>


Equity in Loss from Unconsolidated Business

Equity in loss of  unconsolidated  business reflects a $781,000 loss the Company
recognized  from its equity  investment in  TheMarkets.com.  This investment was
completed in the third quarter ended September 30, 2001.

Other

Other expense includes a $173,000 loss the Company recognized on the disposition
of the  Company's  equity  investment  in Financial  Data Concepts in the second
quarter of 2001.

Income Taxes

Income tax expense increased to $455,000 for the nine months ended September 30,
2001 from $87,000 for the nine months ended September 30, 2000.

At December  31,  2000,  Multex.com  had net  operating  loss  carryforwards  of
approximately   $50.0   million  and   research  and   development   credits  of
approximately  $1.5 million for income tax purposes  that expire in 2009 through
2020.  The  utilization  with regard to timing and amount of the  Company's  net
operating  loss  carryfowards  may be limited  due to  changes in the  Company's
ownership pursuant to Section 382 of the Internal Revenue Code.

Net loss

The  Company  recorded a net loss of $38.4  million,  or a net loss per share of
$1.20,  for the nine months ended  September  30, 2001 compared to a net loss of
$3.0  million,  or a net loss per  share of  $0.10,  for the nine  months  ended
September 30, 2000.  The net loss reflects the global  slowdown in the financial
marketplace, the impairment and restructuring charges, higher operating expenses
and postponed business due to the attacks on September 11, 2001.

LIQUIDITY AND CAPITAL RESOURCES

At September  30,  2001,  we had $42.0  million of cash,  cash  equivalents  and
marketable  securities.  Our principal  commitments consist of obligations under
operating leases.

Net cash  provided by operating  activities  was $6.7 million in the nine months
ended  September 30, 2001,  and net cash used in operating  activities  was $3.7
million in the  equivalent  period in 2000.  The  increase  in cash  provided by
operating  activities  reflects higher non-cash charges (including  depreciation
and  amortization),  the impairment  charge  (non-cash),  and improved  accounts
receivable  balances,  partially  offset by a reduction in accrued  expenses and
accounts payables.

Net cash provided by investing  activities  was $11.6 million in the nine months
ended  September 30, 2001,  and net cash used in investing  activities was $15.5
million in the equivalent  period in 2000.  The  improvement in cash provided by
investing   activities   was   primarily   related  to   marketable   securities
transactions,  a reduction  in  purchases  of property  and  equipment,  and the
acquisitions  of Sage Online and Buzz in the first half of 2000, for which there
were no comparable transactions in 2001.

Net cash  provided by financing  activities  was $2.2 million in the nine months
ended  September 30, 2001, and $55.1 million for the equivalent  period in 2000.
The sharp  decline  in cash  provided  by  financing  activities  was due to the
private placements of stock issued to Merrill Lynch in the first quarter of 2000
and the  Munder  Net  Net  fund in the  third  quarter  of  2000.  There  was no
comparable transaction during the nine month period ended September 30, 2001.

We believe that our existing cash, cash  equivalents and marketable  securities,
will be sufficient to meet our  anticipated  cash needs for working  capital and
capital expenditures at least for the next twelve months.

                                       16
<PAGE>


                   RISK FACTORS THAT MAY AFFECT FUTURE RESULTS

MULTEX.COM'S  RECOVERY FROM THE SEPTEMBER 11TH TERRORIST ATTACKS MAY NOT PROCEED
AS EXPECTED

Multex.com has been allocating  significant resources to its recovery efforts in
the aftermath of the September 11th terrorist attacks.  However,  it is possible
that our recovery may be further  delayed or may never be fully  completed.  Our
primary data center is not yet fully functional, and the possibility exists that
further  delays or other  problems may arise with  respect to our data  centers.
Furthermore,  we may not be able to fully  overcome  the  decrease  in  employee
morale and a sense of safety that now comes from working in lower Manhattan.  As
a result, we may experience  significant  employee  attrition and be required to
allocate  more  resources  to  recruiting  replacement  employees.  We may incur
significant  additional expenses as a result of increased security requirements,
loss of personnel, and other related costs. In addition,  Multex.com's customers
are in the midst of efforts to recover  from the attacks.  Those  efforts may or
may not be successful,  or may happen more slowly than anticipated.  Some of our
customers may never entirely recover. All of these factors have the potential to
materially and adversely affect our business and results of operations.

MULTEX.COM'S  BUSINESS COULD BE MATERIALLY AND ADVERSELY AFFECTED BY THE CURRENT
(OR ANY FUTURE) DOWNTURN IN THE FINANCIAL SERVICES INDUSTRY

     We are  dependent  upon  the  continued  demand  for  the  distribution  of
investment  research and other  information  over the Internet,  which makes our
business  susceptible  to  downturns in the  financial  services  industry.  Our
current  results of  operations  reflect,  in part,  the  effects of the current
slowdown in our markets.  The September 11th terrorist  attacks  damaged many of
our customers located in and around the World Trade Center, which, together with
the  broader  effects of the  terrorist  attacks,  compounded  the effects of an
already  slow global  economy.  In addition,  U.S.  financial  institutions  are
continuing to consolidate,  increasing the leverage of our information providers
to negotiate prices and decreasing the overall  potential market for some of our
services. Weakness in the financial services industry has adversely impacted our
subscription renewal rates and may continue to do so. These effects may continue
and may worsen if our  customers  and  clients do not  recover or if  additional
events adverse to the global economy or the financial services industry occur.

MULTEX.COM'S  BUSINESS WOULD BE MATERIALLY AND ADVERSELY  AFFECTED IF THE MARKET
FOR ONLINE INVESTMENT RESEARCH DOES NOT CONTINUE TO GROW

     In order to be successful,  we must increase our revenues from subscription
fees for MULTEXNET,  from development,  hosting,  license, and subscription fees
for  MULTEXEXPRESS,  generate  additional  sales  of  investment  research  on a
pay-per-view  basis through MULTEX ONDEMAND,  attract more users to and generate
more leads for our sponsors from MULTEX INVESTOR, and increase the total license
fees generated from the MARKET GUIDE  database.  Our results of operations  with
respect to MULTEX  INVESTOR  reflect the adverse  effects of lack of growth (and
even  contraction)  in our markets.  We continue to face risks in  accomplishing
these objectives, among others, relating to our ability to:

o  anticipate and adapt to the changing Internet market;

o  attract and retain more  subscribers,  research  and data  contributors,  and
   technology and business partners;

o  implement our sales,  marketing,  and branding strategies,  both domestically
   and internationally;

o  attract, retain and motivate qualified personnel;

o  respond to actions taken by our competitors;

o  continue to build an  infrastructure  to effectively  manage our business and
   handle any future changes in usage; and

o  integrate acquired businesses, technologies, products and services.

     If we are  unsuccessful  in  addressing  these  risks or in  executing  our
business  strategy  going  forward,  our business,  results of  operations,  and
financial condition would be materially and adversely affected.

                                       17
<PAGE>


THE MARKETS FOR OUR PRODUCTS AND SERVICES CHANGE RAPIDLY

     The  market  for  the   distribution  of  investment   research  and  other
information  over the  Internet  is  rapidly  evolving,  and  demand  and market
acceptance  for  these  services  continue  to be  subject  to a high  level  of
uncertainty.   The  market  relating  to  retail   investing  has   deteriorated
considerably  in the  last  year,  and  all  of our  markets  continue  to  face
considerable  uncertainty.  It is difficult to predict  with any  assurance  the
growth rate, if any, and the ultimate size, of our markets. We cannot assure you
that the markets for our services  will recover,  will  continue to develop,  or
that our services  will ever achieve broad market  acceptance.  If our customers
are not able to recover from the effects of the continued downturn in the global
economy and the September 11th terrorist attacks; if the market for our services
weakens  further,  develops more slowly than expected once recovery  begins,  or
becomes saturated with competitors;  if our services do not achieve broad market
acceptance;  or if pricing becomes subject to further competitive pressures, our
business,  results of operations and financial condition would be materially and
adversely affected.

MULTEX.COM'S BUSINESS COULD BE MATERIALLY AND ADVERSELY AFFECTED BY PRESSURES OF
COMPETITION

     The  market  for  the   distribution  of  investment   research  and  other
information over the Internet is intensely competitive. We currently face strong
competition in many of our markets.  Increased competition could result in price
reductions,  reduced gross margins and loss of market share,  any of which could
have a material and adverse  effect on our business,  results of operations  and
financial  condition.  We currently  face direct and indirect  competition,  for
contributors of investment research and other reports and for subscribers,  from
large  and  well-established  distributors  of  financial  information,  such as
Thomson Financial Services. Some of our competitors enjoy exclusive distribution
arrangements  with major  financial  institutions.  We also compete with,  among
others:

o  companies that provide investment  research,  including  investment banks and
   brokerage firms, many of whom have their own Web sites;

o  other  providers  of either  free or  subscription  research  services on the
   Internet;

o  services  provided  by  some  of  our  strategic   distributors,   which  are
   competitive in one or more respects with our service offerings;

o  prospective competitors that offer investment research-based services;

o  various  written  publications,   including  traditional  media,   investment
   newsletters,  personal financial magazines and industry research appearing in
   financial periodicals;

o  services provided by in-house management  information  services personnel and
   independent systems integrators;

o  providers  of  annual  reports  and other  filings  with the  Securities  and
   Exchange Commission;

o  Standard & Poor's company-specific reports; and

o  Value Line investment research reports.

     Whether or not successful,  competition  with these entities or information
sources,   may  materially  and  adversely  affect  our  business,   results  of
operations,  and financial  condition.  It is also possible that new competitors
may emerge and rapidly acquire significant market share.

THE LOSS OF ANY OF MULTEX.COM'S  KEY PERSONNEL COULD HAVE A MATERIAL AND ADVERSE
EFFECT

     Our future  success will depend,  in  substantial  part,  on the  continued
service  of our  senior  management  team,  none of  whom  has  entered  into an
employment  agreement  with  us  other  than  a   non-competition/non-disclosure
agreement.  The loss of the services of one or more of our key  personnel  could
have a material and adverse  effect on our business,  results of operations  and
financial condition.  We have from time to time in the past experienced,  and we
expect to  continue  to  experience  in the  future,  difficulty  in hiring  and
retaining highly skilled employees with appropriate qualifications.

DOING   BUSINESS   INTERNATIONALLY   SUBJECTS   US  TO   ADDITIONAL   REGULATORY
REQUIREMENTS, TAX LIABILITIES AND OTHER RISKS

     There  are risks  inherent  in doing  business  in  international  markets,
including unexpected changes in regulatory requirements, potentially adverse tax
consequences,   export  restrictions  and  controls,  tariffs  and  other  trade

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<PAGE>


barriers,  difficulties in staffing and managing foreign  operations,  political
instability, fluctuations in currency exchange rates, and seasonal reductions in
business  activity during the summer months in Europe and various other parts of
the world,  any of which could have a material and adverse effect on the success
of our international operations and, consequently,  on our business,  results of
operations  and  financial  condition.  Furthermore,  we cannot  assure you that
governmental  regulatory  agencies  in one or more  foreign  countries  will not
determine  that  the  services  provided  by  us  constitute  the  provision  of
investment  advice,  which  could  result  in our  having to  register  in these
countries  as an  investment  advisor  or in our  having  to cease  selling  our
services in these  countries,  either of which could have a material and adverse
effect on our business, results of operations and financial condition.

BECAUSE  MULTEX.COM'S  BUSINESS IS DEPENDENT  UPON NETWORK AND COMPUTER  SYSTEMS
LOCATED IN ONE AREA, WE ARE SUSCEPTIBLE TO PROBLEMS CAUSED BY NATURAL DISASTERS,
POWER FAILURES, SYSTEM FAILURES, SECURITY BREACHES OR OTHER DAMAGE TO OUR SYSTEM

     Our electronic  distribution of investment  research  utilizes  proprietary
technology  that  resides  principally  in New  York  City.  The  continued  and
uninterrupted performance of our network and computer systems is critical to our
success.  We experienced  significant  outages as a result of the September 11th
terrorist  attacks.  The terrorist  attacks  resulted in the loss of our primary
data center and we continue to devote resources to restoring it. There can be no
assurance that such solutions can be implemented in a timely and  cost-effective
manner,  or at all. Any further  disaster,  power outage or system  failure that
causes  interruptions  in our ability to provide our services to our  customers,
including  failures  that  affect  our  ability  to  collect  research  from our
information  providers or provide electronic  investment  research to our users,
could further reduce customer satisfaction and, if sustained or repeated,  would
reduce the attractiveness of our services. An increase in the volume of research
reports  handled by our systems,  or in the rate of requests for this  research,
could  strain the  capacity  of our  software or  hardware,  which could lead to
slower  response times or system  failures.  Furthermore,  we face the risk of a
security  breach of our systems that could disrupt the  distribution of research
and other  reports and  information.  Our business,  results of  operations  and
financial  condition could be materially and adversely  affected if any of these
problems occur or recur.

     Our  operations  are  dependent  on our  ability to protect our network and
computer  systems against damage from computer  viruses,  fire, power loss, data
communications  failures,  vandalism  and  other  malicious  acts,  and  similar
unexpected adverse events,  such as the September 11th terrorist attacks. We are
now  devoting  significant  resources  to  recovering  from the damage  from the
September  11th  disaster and  protecting  our  infrastructure  against any such
disaster in the future. In addition, the failure of our communications providers
to provide the data communications capacity in the time frame required by us, as
occurred,  for example,  in the aftermath of the September  11th attacks,  could
again cause interruptions in the delivery of our services.

THE  MARKET  PRICE  OF OUR  SHARES  MAY  EXPERIENCE  EXTREME  PRICE  AND  VOLUME
FLUCTUATIONS

     The stock  market has,  from time to time,  experienced  extreme  price and
volume  fluctuations.  The market prices of the  securities of  Internet-related
companies have been especially volatile,  including  fluctuations that are often
unrelated to the operating  performance of the affected companies.  Broad market
fluctuations of this type have adversely affected, and may continue to adversely
affect the  market  price of our common  stock.  The market  price of our common
stock has been, and could  continue to be,  subject to significant  fluctuations
due to a variety of factors, including:

o  public  announcements  concerning  us or our  competitors,  or  the  Internet
   industry;

o  fluctuations in operating results;

o  downturns  in the  financial  services  industry  generally or the market for
   securities trading in particular;

o  introductions of new products or services by us or our competitors;

o  future  sales of shares of our common stock by major  shareholders;  further,
   sales of  shares  issuable  upon the  exercise  of  outstanding  options  and
   warrants in the public market may be significant factors;

o  changes in analysts' earnings estimates; and

o  announcements of technological innovations.

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<PAGE>


     In the past, companies that have experienced volatility in the market price
of their stock have been the object of securities  class action  litigation.  We
are currently the object of several securities class action  litigations,  which
could result in substantial costs and a diversion of our management's  attention
and resources and could have a material adverse effect on our business,  results
of operation and financial condition.  We may be subject to further suits in the
future.

OUR EXECUTIVE OFFICERS,  DIRECTORS AND 5% OR GREATER STOCKHOLDERS  SIGNIFICANTLY
INFLUENCE ALL MATTERS REQUIRING A STOCKHOLDER VOTE

     Our executive  officers,  directors and existing  stockholders who each own
greater than 5% of the  outstanding  common stock and their  affiliates,  in the
aggregate,  beneficially own approximately 50% of our outstanding  common stock.
As a result, our executive  officers,  directors and 5% or greater  stockholders
will be able to  significantly  influence  the outcome of all matters  requiring
approval by our  stockholders,  including the election of directors and approval
of significant corporate transactions.  This concentration of ownership may also
have the effect of delaying or preventing a change in control.

DISTRIBUTION  AND  OTHER  FEES TO  RESEARCH  PROVIDERS  AND  STRATEGIC  PARTNERS
INCREASE MULTEX.COM'S COSTS

     Royalties and  distribution  fees payable to our information  providers and
strategic partners to obtain distribution rights to research reports included in
MULTEX  ONDEMAND  constitute a significant  portion of our cost of revenues.  We
face from time to time  considerable  competitive  pressure  to  increase  these
royalties.  Such increases have materially affected our results of operations as
described  herein.  If we are required to further increase the royalties or fees
payable to these information  providers or strategic  partners,  these increased
payments  could have  additional  material and adverse  effects on our business,
results of operations and financial condition.

THE  INADVERTENT  DISTRIBUTION  OF RESEARCH  REPORTS COULD RESULT IN A CLAIM FOR
DAMAGES AGAINST MULTEX.COM OR HARM OUR REPUTATION

     Under certain of our contracts we are required to restrict  distribution of
financial  information  to those users who have been  authorized  or entitled to
access the report by the information provider. We might inadvertently distribute
a particular report to a user who is not so authorized or entitled,  which could
subject us to a claim for  damages by the  information  provider  or which could
harm our  reputation in the  marketplace,  either of which could have a material
and  adverse  effect  on our  business,  results  of  operations  and  financial
condition.

WE MAY BE SUBJECT TO LEGAL CLAIMS IN CONNECTION  WITH THE CONTENT WE PUBLISH AND
DISTRIBUTE ON THE INTERNET

As a publisher and distributor of online content,  we face potential  direct and
indirect liability for claims of defamation,  negligence,  copyright,  patent or
trademark infringement,  violation of the securities laws and other claims based
upon the  reports and data that we  publish.  For  example,  by  distributing  a
negative investment research report, we may find ourselves subject to defamation
claims,  regardless  of the merits of such  claims.  Computer  failures or human
error may also result in incorrect data being published and distributed  widely.
In these and other  circumstances,  we might be required to engage in protracted
and expensive litigation,  which could have the effect of diverting management's
attention and require us to expend significant financial resources.  Our general
liability  insurance may not cover any of these claims or may not be adequate to
protect us against all  liability  that may be imposed.  Any claims or resulting
litigation could have a material and adverse effect on our business,  results of
operations and financial condition.

IF THE INTERNET INFRASTRUCTURE IS NOT ADEQUATELY MAINTAINED, WE MAY BE UNABLE TO
PROVIDE INVESTMENT RESEARCH AND INFORMATION SERVICES IN A TIMELY MANNER

     Our future success will depend,  in substantial  part, upon the maintenance
of the Internet  infrastructure,  including a reliable network backbone with the
necessary  speed,  data capacity and  security,  and the timely  development  of
enabling  products  for  providing  reliable  and  timely  Internet  access  and
services.  Our  temporary  loss  of  Internet  data  communications  due  to the
September  11th  terrorist  attacks  illustrates  this  risk.  There  can  be no
assurance that the Internet  infrastructure  will continue to be able to support
the demands placed on it or that the

                                       20
<PAGE>


performance or reliability of the Internet will not be adversely  affected.  The
Internet  has  experienced  a variety of outages and other delays as a result of
damage to portions of its  infrastructure  or  otherwise,  and these  outages or
delays could adversely affect the web sites of our contributors,  subscribers or
distributors.

WE  MAY  BECOME   SUBJECT  TO  BURDENSOME   GOVERNMENT   REGULATION   AND  LEGAL
UNCERTAINTIES

     The laws  governing the Internet  remain largely  unsettled,  even in areas
where there has been some  legislative  action.  Legislation  and/or  regulation
could  dampen the growth in the use of the Internet  generally  and decrease the
acceptance of the Internet as a  communications  and  commercial  medium,  which
could have a material and adverse effect on our business,  results of operations
and financial condition.  In addition, due to the global nature of the Internet,
it is possible that, although  transmissions  relating to our services originate
mainly in the State of New York,  governments of other states, the United States
or foreign  countries  might  attempt to regulate  our services or levy sales or
other taxes on our activities.  We cannot assure you that violations of local or
other laws will not be alleged  or charged by local,  state,  federal or foreign
governments,  that we might not unintentionally violate these laws or that these
laws will not be  modified,  or new laws  enacted,  in the future.  Any of these
developments  could have a material and adverse effect on our business,  results
of operations and financial condition.

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<PAGE>


                           PART II. OTHER INFORMATION

ITEM 1.       LEGAL PROCEEDINGS

              NONE

ITEM 2.       CHANGES IN SECURITIES AND USE OF PROCEEDS

              NONE

ITEM 3.       DEFAULTS UPON SENIOR SECURITIES

              NONE

ITEM 4.       SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

              NONE

ITEM 5.       OTHER INFORMATION

              NONE

ITEM 6.       EXHIBITS AND REPORTS ON FORM 8-K

(a)               Exhibits:                 NONE

(b)               Reports on Form 8-K:      NONE


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<PAGE>


ITEM 7.       SIGNATURES

     Pursuant to the requirements of the Securities Exchange Act, the Registrant
has duly  caused  this  report  to be signed  on its  behalf by the  undersigned
thereunto duly authorized.

                                     MULTEX.COM, INC.
                                     (Registrant)


Date:  November 14, 2001                    /s/ Isaak Karaev
                                     -------------------------------------------
                                     Name:  Isaak Karaev
                                     Title: Chief Executive Officer


Date:  November 14, 2001                  /s/ John J. McGovern
                                     -------------------------------------------
                                     Name:  John J. McGovern
                                     Title: Chief Financial Officer


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