CORRECTED - VerticalNet Q3 loss smaller than expected
WEDNESDAY, OCTOBER 25, 2000 3:18 AM
In HORSHAM, Pa. story headlined "VerticalNet sees profitability a quarter ahead" please read in the second paragraph....Excluding acquisition costs, the company said it lost $17.7 million, or 20 cents a share, compared with a loss of $10.1 million....instead of....the company said it lost $76 million, or 20 cents a share, compared with a loss of $25.8 million... (correcting figures).
A corrected story follows.
HORSHAM, Pa., Oct 24 (Reuters) - VerticalNet Inc. (NASDAQ NM:VERT), which provides industry-specific online Web marketplaces and information to businesses, Tuesday reported a third-quarter loss far short of Wall Street's forecasts on revenue more than 14 fold over the same period last year and 38 percent above the second quarter.
Excluding acquisition costs, the company said it lost $17.7 million, or 20 cents a share, compared with a loss of $10.1 million, or 15 cents per share, in the same period of 1999.
Analysts had expected the company to lose 29 cents a share, according to the research firm First Call/Thomson Financial.
The company reported a bottom line loss of $76 million for the quarter, including the one-time items, compared with a bottom line loss of $25.8 million in the third quarter of 1999.
Revenue rose to $73.7 million from $5.2 million in the year-ago quarter and up 38 percent from the second-quarter's $53.6 million. Analysts consensus was $61.66 million, according to First Call/Thomson Financial.
Internet Capital Group Inc. (NASDAQ NM:ICGE) owns about a third of VerticalNet.
VerticalNet shares closed up 2-3/8, or nearly 8 percent, at $32-5/8 Tuesday before the financial results were released. The company's 52-week high was $148-3/8, its low $19-1/2. In after-hours activity on the Instinet brokerage system, shares of VerticalNet traded at $33-1/8.
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