SAN FRANCISCO -- A busy week of earnings in the Internet sector got off to a flying start this morning with priceline.com (PCLN) reporting better-than-expected quarterly results.
priceline posted a loss of 10 cents a share for its second quarter, a penny better than the 11-cent loss estimate from
. Revenue was $111.6 million, more than double the $49.4 million the company reported in the first quarter. In early trading, priceline was up 5 19/32, or 6%, at 103.
priceline said it has agreed to a deal with
to sell Continental tickets on its site. priceline already has agreements with a number of other airlines. Continental was up 1 11/16, or 4%, at 40 1/4 early today.
priceline also said it will be filing with the
Securities and Exchange Commission
to offer $250 million of convertible subordinated notes and 2 million common shares. In addition, existing shareholders will be selling 4 million shares.
Also besting estimates this morning was
, which reported a loss of 10 cents a share for its fiscal third quarter vs. the 12-cent loss estimate from First Call. Revenue of $151.7 million was up 20% from the $126.8 million reported in the second quarter. The company also said it had added 332,000 net active accounts in the quarter. But unlike priceline, E*Trade was seeing some postearnings profit-taking this morning. It was recently down 1 1/2, or 4%, at 36.
has entered into an agreement with
to trade a 9% stake in Ticketmaster for Microsoft's
online city guide service. Ticketmaster-CitySearch was up 6, or 18%, at 40. Microsoft, which reports its earnings later today, was up 3/16 at 99 5/8. Microsoft is expected to post fiscal fourth-quarter earnings of 36 cents a share, according to First Call.
, a venture between
said today it will begin
, a free Internet-access service in the U.K., where free access is more prevalent than in the U.S. America Online was up 1 3/32, or 1%, at 120 15/16 in early trading.