continued to narrow its losses and pump up its revenue as the online auctioneer of airfares, groceries and other goods solidly beat Wall Street's expectations.
For the first quarter ended Mar. 31, the company reported a net loss of $7.3 million, or 4 cents a diluted share, from a net loss of $16.8 million, or 12 cents a share, a year earlier. The consensus estimate of analysts polled by
First Call/Thomson Financial
was a loss of 6 cents.
The net loss and net loss per share excluded $5.9 million in option payroll taxes.
Revenue rose a spectacular 535% to $313.8 million from $49.4 million a year ago.
Potential savings on flights around the world and basic grocery items also proved to be a tremendous draw as the Norwalk, Conn.-based company also added 1.5 million new customers during the quarter, bringing its total customer base to 5.3 million.
Shares of priceline.com finished Monday trading down 6 1/8, or 9%, at 61 3/4. (priceline.com closed down 6 1/8, or 9%, at 61 3/4.)