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Tech Industry

Mpath Interactive&#039s 1Q loss widens

Mpath Interactive Inc. (Nasdaq: MPTH) reported a first-quarter loss of $6 million, or $1.89 a share, on sales of $2.1 million Thursday, a tad wider than the loss it absorbed in the year-ago quarter.

Mpath shares closed up 5 5/8, or 19 percent, to 34 3/4 ahead of the earnings report.

There was no First Call consensus estimate for Mpath's first quarter.

Since its sizzling initial public offering in April, Mpath shares have followed the pattern of so many other Internet stocks, losing more than half their value in less than two weeks. It did raise more than $70 million from the offering.

Mpath shares moved up to a high of 51 1/4 shortly after the IPO before falling to a low of 24 3/4 earlier this week.

The $2.1 million in sales represents a 40 percent improvement versus the year-ago quarter when it lost $3.4 million, or $1.73 a share, on sales of $1.5 million.

Mpath develops and licenses technology to create live community sites, which allows instantaneous interaction. The company boasts more than 2.6 million registered users. The Mountain View, Calif.-based firm generated $8 million in sales last year and lost $11.9 million.