Stamps.com (Nasdaq: STMP) topped analyst estimates in the first quarter.
After market close Monday, the online vendor of postage reported a fiscal first quarter net loss of $28.5 million, or 66 cents per share, excluding non-cash charges. First Call's survey of four analysts predicted a loss of 69 cents per share for the quarter ended Mar. 31.
Including $4.63 million in amortization, $2 million in charges related to acquired in-process R&D and $1.75 million in charges related to deferred compensation, Stamps.com lost $36.8 million, or 86 cents per share.
Shares of Stamps.com fell to 14 1/2 in afterhours activity on the Island electronic communications network. The stock closed Monday's regular trading at 15 3/16. Stamps.com has lost 82.6 percent percent of its market value since late November.
First quarter revenue of $2.04 million represented a 470 percent increase sequentially. Stamps.com added 114,000 customers to boost its total client base to 187,057. The enterprise strategic business unit generated more than 20 percent of overall revenue, the company said.
"The rapid revenue growth, low churn and significantly declining customer acquisition costs we experienced this quarter validate the strategy we have developed for pursuing this enormous market opportunity," said John Payne, chairman and CEO of Stamps.com.
Monday's results represent a marked improvement from the fourth quarter, when Stamps.com missed analyst estimates.
• Stamps.com rises on Goldman Sachs upgrade
• THE DAY AHEAD: Hardware may put E-Stamp behind Stamps.com
• 2HRS2GO: Stamps.com makes an impression>