In early trading, shares of the Internet services and design firm climbed $8, or nearly 10 percent, to $89.25. Shortly after the opening bell, Razorfish saw its shares touch $93.5.
The 2-for-1 stock split, approved by the company's board, will result in a common stock dividend to be distributed on Jan. 27, 2000, to shareholders of record as of Jan. 20, 2000, the company said in a statement. After the stock split, Razorfish said it will have approximately 90.2 million shares of common stock outstanding. The company's stock closed at $81.25 yesterday.
Razorfish, which competes against other Web media and design firms in the services space, including Agency.com, Organic Online, iXL and a host of others, has seen its stock more than quadruple since it went public in April 1999. The company advises clients on online business strategies, develops marketing campaigns and designs e-commerce sites.
Last quarter, the company reported third-quarter net income of $913,000, or 4 cents per share, a penny ahead of Street estimates. Revenues for the quarter climbed 380 percent to $19.1 million from $4 million a year earlier.