ONSALE Reports 27% Volume Increase
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Internet auction house ONSALE Inc. reported gross merchandise sales for the quarter ending December 31, 1997 were a record $41.1 million, up 27% from gross merchandise sales of $32.3 million in the third quarter ended September 30, 1997.
Net loss for the quarter was $1.7 million, or $0.09 per share, compared with a net loss of $583,000, or $0.03 per share, in the third quarter.
For the year, gross merchandise sales were $115.9 million, a 277% increase over gross merchandise sales of $30.7 million in 1996. Revenues were $89.0 million, compared with revenues of $14.3 million in the prior year.
Net loss for 1997 was $2.5 million, or $0.16 per share, compared with net income of $361,000, or $0.03 per share, in 1996.
ONSALE operates seven daily auctions each week, and posts tens of thousands of items in a typical week.