Internet Market Close Report for 1998.02.12
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ISDEX & Market Moves Snapshot
|12-Feb-98||% change||point change|
|ISDEX Geometric Average||124.21||1.67%||2.04|
|ISDEX Price Weighted Composite||965.69||1.04%||9.97|
Fourth-quarter gross merchandise sales reach a record $41.1 million, up 27% vs. third quarter while 4Q97 revenue is $33.0 million, up 31% vs. 3Q97. Net loss for 4Q97 is $1.7 million, or $0.09 per share.
We think ONSALE has the potential as a leader in the Web auction space to dominate the category as Amazon does books. But, unlike books, there doesn't appear to be any established "traditional" auction houses able to to this PC/electronics/cars, etc auction business. There are no 'Barnes & Nobles' (in reference to the booksellers war with Amazon for marketshare) of Web auctions waiting to pounce, as far as we know. ONSALE could perhaps consider buying a rival and gaining more speed.