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bn.com 3Q loss shrinks
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October 28, 1999: 9:13 a.m. ET
Amazon.com rival builds customer base to 2.9M, tops target as revenue soars
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NEW YORK (CNNfn) - Online bookseller barnesandnoble.com Inc., continuing to build its customer ranks, topped analysts' forecasts for the third quarter Thursday with a narrowed net loss.
The New York-based company, jointly owned by Barnes & Noble Inc. (BKS) and German media company Bertlesmann, posted a net loss of $21.9 million, or 15 cents per share, compared with a loss of $18.6 million, or 16 cents per share, a year earlier.
Analysts surveyed by First Call Corp., a research firm, expected the company to post a third-quarter 1999 loss of 23 cents per share.
Revenue rose 215 percent to $49.1 million.
The report comes a day after top rival Amazon.com (AMZN), which has filed suit against barnesandnoble.com for trademark infringement, said its revenue doubled in its latest quarter but its net loss tripled.
The company had 581,000 first-time customers in the third quarter, and ended the quarter with a total of 2.9 million customer accounts.
For the first nine months of the year, barnesandnoble.com posted a net loss of $64 million, or 50 cents per share, versus a net loss of $51.8 million, or 45 cents per share, in the same period a year earlier. Revenue soared 235 percent to $120.4 million.
Shares of barnesandnoble.com (BNBN) rose 7/16 to 19-11/16 in Wednesday trading.
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barnesandnoble.com
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