RealTime IT News

PSINet Reports Record Revenues

Internet Service Provider PSINet Inc. announced record revenues of $53.7 million for the second quarter ended June 30, 1998.

Revenues for the quarter were up 82 percent over the $29.5 million reported for the second quarter of 1997. Revenues for the six months ended June 30, 1998 were $98.2 million, a 78 percent increase over revenues of $55.1 million for same period in 1997.

"We are pleased to have exceeded Wall Street's revenue, EBITDA and net loss expectations yet again this quarter," said William L. Schrader, chairman, president and CEO of PSINet, in a statement. "PSINet's strong second quarter results, with annualized revenues of $215 million, demonstrates the momentum in all of our businesses. We added over 5,400 new customers worldwid e this quarter and our revenue grew by 21 percent over the first quarter of 1998. We expect this growth to continue throughout 1998."

Highlights of PSINet's second quarter include the purchase of five international Internet firms, as well as strategic alliances with companies including Qwest/LCI and Hewlett-Packard. It also added 48 new ISPs this quarter, bringing the total served to 109.