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News > Companies
Priceline beats 1Q forecast
April 24, 2000: 7:21 a.m. ET

Strong revenue, customer growth lead to smaller-than-expected loss in period
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NEW YORK (CNNfn) - Consumer Web site Priceline.com Inc. reported a smaller-than-forecast loss in the first quarter, as revenue and customers at the auction site continued to rise.
    The company, which allows consumers to bid for products from airline tickets to groceries, posted a loss of $7.3 million, or 4 cents a diluted share, excluding special items. Analysts surveyed by earnings tracker First Call forecast it would lose 6 cents a share in the period. The company lost $16.8 million, or 12 cents a diluted share, excluding special items in the year-earlier period.
    graphicIncluding those special items, the company lost $13.6 million, or 8 cents a diluted share, in the most recent quarter, down from $25.5 million, or 27 cents a diluted share a year earlier.
    The company had a gross profit, which it defines as revenue less the cost of products, of $49.0 million, up 752 percent from the $5.8 million gross profit a year earlier, while the gross profit margin improved to 15.6 percent from 11.6 percent a year earlier.
    Revenue rose to $313.8 million in the quarter, more than six times the $49.4 million level of a year earlier. The company said it added a record 1.5 million new customers in the quarter, bringing its total customer base to 5.3 million.
    Shares of Priceline.com rose 2-13/16 to 67-7/8 in trading Thursday. Back to top

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