priceline's Woes Deepen as It's Miller Time No More
Updated from 4:56 p.m. EST
:
priceline.com
(PCLN)
took another body blow Thursday, suffering the departure of its chief financial officer.
Heidi Miller, the former
Citigroup
(C) - Get Citigroup Inc. Report
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executive whose arrival in February lent the start-up company much-needed credibility on Wall Street, will leave priceline "to pursue opportunities and apply her talents in a more established business," the company said after the market closed Thursday. priceline shares jumped 66 cents, or 11%, to $6.84 Thursday ahead of the news. After hours, the stock dropped 25% to $5.14 on
Island
.
The name-your-own-price electronic commerce outfit also reported that third-quarter earnings and revenue came in as expected and that it would cut 87 jobs, representing 15% of its 535-person workforce.
TheStreet.com
chronicled investors' expectations in a
story Wednesday.
priceline shares have plunged in recent months amid revenue shortfalls and the failure of the company's grocery affiliate. priceline shares traded as high as $104.25 in the last year.
