CyberCash Posts Loss on Higher Revenues
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Internet payment solutions provider CyberCash Inc. posted a second quarter net loss of $10.9 million, compared to a loss of $9.6 million a year earlier.
Revenues for the second quarter were $4.3 million, up from the $2.5 million reported for the same period last year. The net loss per share was $0.54 for the three months ended June 30 versus a loss of $0.68 per share in the second quarter of 1998.
The company said the loss was greater than analysts' expectations due principally to changes in the rapidly evolving market for digital wallets, which has caused a delay in the recognition of revenues from the company's new Agile Wallet Platform and InstaBuy "one-click" shopping service.
In the second quarter, Reston, VA-based CyberCash said it increased the number of merchants using its CashRegister service to approximately 13,000, adding over 1,100 per month.