, a maker of software for Internet transactions, reported Wednesday a far smaller operating loss in the first quarter than Wall Street expected, as revenues surged more than 16 times.
The Pleasanton, Calif.-based company said that excluding nonoperating charges, it lost $14 million, or 9 cents a diluted share, vs. a loss of $7.8 million, or 9 cents a share, in the 1999 first quarter. Analysts surveyed by
First Call/Thomson Financial
had been expecting a loss of 12 cents a share in the latest quarter, after adjusting for the two-for-one stock split.
Including charges, Commerce One said it lost $43.6 million, or 29 cents a diluted share, compared with a loss of $28.8 million, or 20 cents a share, a year earlier. The results were adjusted for a two-for-one stock split that took effect Wednesday.
Revenues for the company jumped to $35 million from $2.1 million the first quarter in 1999, and up from $16.9 million in the December quarter.
Mark Hoffman, chairman and chief executive, said in a statement that, revenues more than doubled over the quarter ended December because of strong demand in all sectors and 70 new customers.
Shares of the company closed up 13 1/16, or 16%, to 95 7/16 ahead of the earnings, which were released after the closing bell. Commerce One continued rising to 99 in after-hours trading on
Throughout the three-month period, Commerce One added such blue-chip companies as
In a deal that brought the business-to-business company out of obscurity earlier this year, Commerce One entered a joint business-to-business venture with
auto parts and other supplies.
Later in the first quarter, Commerce One beat rivals
to a venture with
aerospace industry giants including
License fees surged to $27.1 million, from $1.5 million a year earlier, and revenues from services increased to $7.9 million, from $648,000.
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