Publish date:

ESpeed's Revenue Declines

The company reported net income of 2 cents a share for the first quarter.



posted quarterly results that were better than expected, and the company offered guidance that would surpass estimates for the full year.

The company reported net income of $1.3 million, or 2 cents a share, for the first quarter. Before items, eSpeed earned $2.7 million, or 5 cents a share. Total revenue for the first quarter was $38.9 million, compared with $44.6 million a year ago. Fully electronic volume was $6.4 trillion for the first quarter, up 12.6% from $5.7 trillion in the fourth quarter.

TheStreet Recommends

Analysts polled by Thomson First Call expected earnings of 4 cents a share with revenue of $36.7 million in the quarter.

For the second quarter, eSpeed expects to generate revenue in excess of $38 million and report a profit before items of 4 cents to 5 cents a share. For the full year, the developer of electronic trading marketplaces expects revenue of at least $155 million, with earnings of 15 cents to 18 cents a share, excluding any items.

The company is expected to earn 5 cents a share in the second quarter and 20 cents for the year. Wall Street's revenue estimates are $38.4 million for the second quarter and $152.9 million for the year.