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Technology Stocks : Corvis (CORV)

CORV 0.420

0.0%

May 27 5:00 PM EST

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To: liteglider01 who wrote (250)	10/20/2000 10:17:50 AM
From: mact	Read Replies (1) of 325

Corvis Rises in After-Hours Trading as Earnings Beat Targets By Scott Moritz Senior Writer 10/19/00 7:13 PM ET Corvis (CORV:Nasdaq) books revenue and sees its shares pop 18% in aftermarket trading. The highflying optical-networking start-up recorded $22.9 million in revenue for the third quarter, marking the first recorded income in its short history. But all $22.9 million came from one customer -- Broadwing (BRW:NYSE) , which is also an investor in Corvis. The company's pro forma net loss was $23.9 million, or 7 cents a share. This beat Wall Street expectations by 2 cents. Corvis shares closed at $59.63 before leaping to $70 during after-hours trading Thursday. Corvis makes optical switching and transport equipment for fiber-optic networks. The company's eye-popping debut was among the year's most dramatic IPOs. Shares hit a high of $114 in August but have been on a steady decline since then as investors fled from some of networking's lesser-known names. The company still sports a $20 billion market capitalization despite its fall from grace.

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