graphic
News > Companies
PSINet beats estimates
August 8, 2000: 9:29 a.m. ET

ISP posts 2Q loss of $1.32 a share, edging forecasts by a penny
graphic
graphic graphic
graphic
NEW YORK (CNNfn) - Internet service provider PSINet posted a narrower-than-expected second-quarter loss Tuesday on a 125 percent revenue gain from the year-ago quarter.

Ashburn, Va.-based PSINet (PSIX: Research, Estimates) lost $215.6 million, or $1.32 per diluted share, compared with a loss of $62.4 million, or 51 cents per diluted share, a year earlier.

Analysts polled by First Call expected the company to lose $1.33 a share.

graphicRevenues jumped 125 percent to $248 million from $123.8 million. Web revenue grew 218 percent from the year-ago period and 59 percent from the first quarter 2000.

Excluding one-time items, the company lost $1.12 per share, compared with 51 cents per share a year ago.

The period from June 15 to June 30 includes contributions from PSINet Consulting Solutions, created when the PSINet acquired Metamor Worldwide Inc. for $1.98 billion. PSINet Consulting Solutions added $30.3 million in revenue, but also a $6.5 million loss.

"This quarter has been a turning point for PSINet," Larry Hyatt, executive vice president and CFO, said. "We have now completed our development form being simply an Internet access provider to a global Internet business solutions to companies, with a particular focus on complex managed Web hosting."

Shares of PSINet closed at 18-5/16, up 2-3/16 Monday. Back to top

  RELATED STORIES

PSINet scoops up ISPs - Sept. 20, 1999
  RELATED SITES

PSINet

Note: Pages will open in a new browser window
External sites are not endorsed by CNNmoney




graphic


© 2009 Cable News Network. A Time Warner Company. All Rights Reserved. Terms under which this service is provided to you. Privacy Policy
Live Quotes automatically refresh, but individual equities are delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Market indexes are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET.
* : Time reflects local markets trading time. † - Intraday data delayed 15 minutes for Nasdaq, and 20 minutes for other exchanges. Disclaimer
Copyright © 2009 BigCharts.com Inc. All rights reserved. Please see our Terms of Use.
MarketWatch, the MarketWatch logo, and BigCharts are registered trademarks of MarketWatch, Inc.
Intraday data provided by Interactive Data Real-Time Services and subject to the Terms of Use.
Intraday data is at least 20-minutes delayed. All times are ET.
Historical, current end-of-day data, and splits data provided by Interactive Data Pricing and Reference Data.
Fundamental data provided by Morningstar, Inc..
SEC Filings data provided by Edgar Online Inc..
Earnings data provided by FactSet CallStreet, LLC.
Home | Contact Us | Advertise with Us | Corrections | Career Opportunities | Site Map
RSS | Email Delivery | Portfolio | Podcasts | Mobile | Widgets | User Preferences | Special Sections
| Magazine Customer Service | Download Fortune Lists | Reprints | Conferences | Business Leader Council