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Technology Stocks : Booking Holdings (formerly Priceline) -- Ignore unavailable to you. Want to Upgrade?

To: ismael nacino who wrote (1103)	5/4/1999 6:39:00 PM
From: Jenne	Respond to of 2743

Priceline.com curbs losses, beats estimates By Bloomberg News Special to CNET NEWS.COM May 4, 1999, 3:10 p.m. PT Priceline.com, whose Web site lets consumers bid for airline tickets and hotel rooms, reported a first-quarter loss, although spending on promotions and new products led to higher-than-expected revenue. The quarterly loss was $17.2 million, or 12 cents a share. Priceline.com was expected to lose 13 cents a share, the average estimate of analysts polled by First Call. Revenue was $49.4 million, topping analysts' forecasts for about $43 million. There are no year-ago results because the company began business in April 1998. The company's losses were down sharply from the previous quarter that ended December 31, 1998, when Priceline.com reported a loss of $73.9 million. Priceline.com's shares have almost doubled since its March initial offering on optimism that it will benefit from the rapid growth in e-commerce. Though only a year old, the company has a market value of about $19 billion, ranking it ninth among U.S. retailers and ahead of Sears, Roebuck's market capitalization of $18.4 billion. "Its brand has very quickly achieved consumer recognition on par with the Web leaders, suggesting the power of the service," said analyst Keith Benjamin of BancBoston Robertson Stephens, who has a "buy" rating on Priceline.com's stock. Since introducing its airline ticket business last April, Stamford, Connecticut-based Priceline.com has expanded into services such as hotel rooms and home loans and is testing auto sales in some markets. Last week Priceline.com said more than a million consumers used its Internet site in its first year of service, reaching that benchmark faster than leading online auctioneer eBay. Priceline.com also said its site is adding an average of 300,000 different users a quarter. Founder Jay Walker said the company could announce a series of new products in the next 18 months. The retailer, headed by chairman Richard Braddock, lets consumers name their own price for plane tickets, hotel rooms, and cars, or name their interest rate for home financing. Customers guarantee their offers with a credit card. The company then makes money either by earning a spread between the buyer's and the seller's price or by earning a fee. Copyright 1999, Bloomberg L.P. All Rights Reserved. Technology industries CAD/CAM \| Communications Svcs \| Computer Svcs \| Distributors \| Internet \| Networking \| PC Hardware \| PC Software \| Peripherals \| Semiconductors \| Semi Cap Equip \| Server Hardware \| Server Software \| Storage \| Telecom Wireless \| Telecom Wireline Other industries Quote lookup by symbol by name sponsored by Oracle