From TheStreet.com (seems like Ebay just can't get away from server outages):
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Good Timing, eBay
By Aaron L. Task
Senior Writer
7/26/99 8:50 PM ET
SAN FRANCISCO -- In a somewhat troubling session, tech stocks took the biggest hit as all major averages finished in arrears. (For more, see today's Market Roundup.)
Sale of eBay Continues
After falling 3.2% to 104 3/8 today, eBay (EBAY:Nasdaq) shares -- according to CNBC -- traded as high as 110 1/4 and then fell to as low as 99 in after-hours activity. After the close, the online auctioneer posted earnings of 3 cents a share, excluding one-time items, in line with consensus estimates.
But the firm's recent stream of bad luck on the technical front continued as the Webcast of its earnings call crashed just as the Q&A session was getting underway. Or did it?
"You are invited to listen to the live broadcast of management's discussion of the results of operations," eBay's site declares. In the literal translation perhaps that meant: "You can listen to the management's spiel, but not the Q&A from analysts."
eBay's public relations team was unavailable for comment, although a source at the company's external PR firm (flack fest!) said the outage was unplanned, meaning it's keeping with eBay's ongoing practice. (Low blow, especially since the outage was probably not eBay's fault.)
"Just before the call went kaplooey, Donaldson Lufkin & Jenrette's Jamie Keegan asked why, assuming that increased spending on technology and newly acquired businesses would be ongoing, gross profit margins would return to 80s next year from the second quarter's 77% level," TSC columnist Adam Lashinsky said. "eBay CFO Gary Bengier said spending would be heavy this year, but just as he was about to answer Keegan's pointed question about next year, the 'line' went dead."
Meanwhile, I still haven't received payment for the collection of Sports Illustrated magazines I sold through the site a few months back. eBay continually emails me requesting payment for its "services" but feels it's my responsibility to collect from the alleged buyer, who's in Minnesota.
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