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Tech Industry

Shopping.com revenue hits record

The online retail site says its third quarter revenue jumped 207 percent from the previous quarter to a record $2.15 million.

Shopping.com said today that its third quarter revenue increased 207 percent from the previous quarter to a record $2.15 million.

In a statement, the Internet company said it continues to "increase the capacity" of its network to handle growing customer demand. As reported , Shopping.com has received hundreds of customer complaints over purchase delays and lack of company response in recent weeks.

Preliminary numbers for Shopping.com's third fiscal quarter will be released in the next several weeks, with final audited figures out by December 15.

"This has been a quarter of tremendous significance for Shopping.com," chairman Frank Denny said in a statement. "The tremendous increase in our revenue run rate from $4.1 million annually at the end of the second quarter to $8.8 million at the end of the third quarter is comparable, if not superior, to almost any other Web retailer at our stage of development."

He continued: "Our Company continues to refine its infrastructure and increase the capacity of its state-of-the-art web-management, ordering and fulfillment systems to maintain the rapid growth of sales anticipated in future quarters."

Company executives have said they hope to receive a "significant" investment by a Fortune 200 company--not involved in the technology business--that is expected to be completed within a week.

Shopping.com shares rose 1.875, or more than 71 percent, to close at 4.5 today.