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Tech Industry

Webvan falls short in 2Q

    Online grocer Webvan posted a wider-than-expected loss in its second quarter Thursday, losing $57.1 million, or 17 cents a share, on sales of $28.3 million.

    A survey of analysts by First Call Corp. predicted Webvan would lose 16 cents a share in the quarter.

    Ahead of the earnings report, Webvan (Nasdaq: WBVN) shares hustled up 1 7/16, or 18 percent, to 9 5/16.

    In the year-ago quarter, Webvan reported a loss of $23.4 million, or 38 cents a share, on sales of $383,000.

    "I am very pleased with Webvan's performance in the second quarter," said CEO George Shaheen in a prepared release. "Our launch in the Greater Atlanta area has been very successful, demonstrating our ability to replicate our business in new markets and to ramp up our customer base."

    In the quarter, Webvan said it had 160,000 active customers, up 84 percent from the first quarter. Repeat orders accounted for 76 percent of its total orders in the second quarter.

    Webvan said it ended the second quarter with $410 million cash on hand.

    Last quarter, Webvan slipped past analysts' estimates when it lost $38.7 million, or 12 cents a share, on sales of $16.3 million.

    Earlier this quarter, it announced it would buy HomeGrocer.com (Nasdaq: HOMG) in a stock swap valued at $1.2 billion.

    The combined companies are expected to have revenue of $300 million to $325 million in 2000, and revenue of $1.1 billion to $1.2 billion in 2001.

    Webvan shares soared to a 52-week high of 34 in December before plummeting to a low of 4 3/8 in May.

    Ten of the 12 analysts tracking the stock rate it either a "buy" or "strong buy."

    Analysts are expecting it to lose 72 cents a share in the fiscal year.

    Among other Internet companies reporting earnings Thursday:

  • C-bridge Internet Solutions (Nasdaq: CBIS) met Street estimates in its second quarter Thursday, losing $115,000, or 1 cent a share, on sales of $18.8 million.

    Analysts surveyed by First Call Corp. predicted it would lose a penny a share in the quarter.

    Ahead of the earnings report, C-bridge shares closed up 4 1/8 to 23 1/8.

    The $18.8 million in sales marks a 292 percent explosion from the year-ago quarter when it lost $303,000, or 2 cents a share, on sales of $4.8 million.

  • Stamps.com (Nasdaq: STMP) also beat analysts' estimates in its second quarter, dropping $34.4 million, or 72 cents a share, on sales of $3.7 million.

    First Call Corp. consensus expected it to lose 82 cents a share in the quarter.

    Its shares closed off 9/64 to 5 7/8 ahead of the report.

    Including charges, Stamps.com lost $52.3 million, or $1.09 a share, in the quarter.

    In year-ago quarter, it lost $4.7 million, or 54 cents a share.