Losses mount at Commerce One
By Michael Baron
07/20/2001 09:54
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Commerce One is off $1.08, or 22.1 percent, to $3.80, in early action. After Thursday's closing bell, the Pleasanton, Calif., e-commerce firm reported a loss of $70.2 million, or 31 cents a share, wider than its year-ago loss of $16.2 million, or 10 cents a share, and a dime beyond Wall Street loss expectations. Revenue rose 61 percent in the latest three months to $101.3 million from $62.7 million in the same period a year earlier. Including items, Commerce One lost $2.07 billion, or $9.02 per share. "In spite of the short term pressures, we remain confident in our vision for both public and private e-marketplaces," said Mark Hoffman, the company's chairman and CEO, in a press release. "We are committed to driving the company to profitability by both rationalizing the company with current market conditions and staying focused on making our customers successful, delivering ROI and developing the products and services our customers need long-term." |
