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Business Objects rises on 2Q earnings

Business Objects (Nasdaq: BOBJ) said Thursday that second quarter earnings were 21 cents a share, above First Call's expectation of 19 cents a share.

Revenues were $84.6 million, an increase of 47 percent compared to revenues of $57.5 million for 1999's comparable quarter. Net income for the second quarter was $9.2 million, compared to $5.1 million for the same period last year.

Shares were up 7 3/8 to 89 3/8, or 9 percent on the news.

Diluted net income per share and per ADS for the quarter ended June 30, 2000 was 21cents a share, compared to 14 cents a share in the second quarter of last year. Diluted net income was adjusted to reflect the two-for-one split of ordinary shares and ADS in January.

The company said strong second quarter results reflect its momentum in the e-business market. In the second quarter, extranet revenues grew 225 percent over the same period last year.

Demand was strong in all regions, with an especially high growth rate of 61 percent in North America in the second quarter.

During the second quarter, the company announced a new initiative in the North American application service provider (ASP) market.

The company's balance sheet continued to be strong with $181.8 million in cash and cash equivalents at June 30.