Net2Phone Posts Wider 2nd-Quarter Loss Although Revenue Doubles
Dow Jones Online News, 03/1/2000 18:14
NEW YORK -(Dow Jones)- Internet phone company Net2Phone Inc. reported its revenue doubled in the fiscal second quarter, while its loss widened sharply.
The Hackensack, N.J.-based company, which went public in July, said its net loss for the period ended Jan. 31 was $8.7 million, or 17 cents a share, compared with a loss of $847,202, or three cents a share, in the year-earlier period. Revenue rose to $15.5 million from $7.5 million a year earlier.
The latest results excluded noncash compensation expense for the issuance of stock options of $4.4 million.
Net2Phone's (NTOP) products and services allow people to talk over the Internet using a personal computer, fax or telephone. The company said total quarterly minutes of use jumped 94% to 103 million minutes from 53 million minutes.
As of Jan. 31, the company said it had more than 575,000 customers, compared with 390,000 in the year-ago quarter.
In late February, it was reported that America Online was close to acquiring a controlling stake in Net2Phone. AOL (AOL) currently holds a 5.3% stake in the company, while telecommunications company IDT Corp. has a 43.8% stake in Net2Phone.
(Compiled from Dow Jones Newswires and other sources)
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