reported a fourth-quarter loss that beat Wall Street's expectations by a penny, but the company also disclosed plans to delay offering its services in three East Coast markets.
Webvan, which said it has "indefinitely postponed" the commercial launch of webvan.com in northern New Jersey, Baltimore and Washington, D.C., doesn't expect to require additional capital to fund operations during the year. The company previously said it would need to raise $80 million to $100 million. According to a new internal plan, the company would need to raise an additional $40 million to $60 million by the end of 2001, or early 2002, to fund its 2002 operations up to the point when the company generates positive cash flow.
Shares of Webvan, which offers same-day delivery of consumer products, gained 25 cents a share, up 47%, to 78 cents in afternoon
For the fourth quarter ended Dec. 31, the Internet retailer posted a loss of $109.1 million, or 23 cents a share, compared with $56 million, or 15 cents a share, in the same period a year ago. Nine analysts surveyed by
First Call/Thomson Financial
expected the company to lose 24 cents a share.
The figures exclude the amoritization of goodwill resulting from the company's September acquisition of
. Webvan, which is based in Foster City, Calif., also reported fourth-quarter revenue of $84.2 million, up sharply from $19.8 million in the year-ago quarter.