RealTime IT News

Commerce One Finds Some Upside

Commerce One stock took a nice ride early trading, shooting up ore than 30 percent after reporting a smaller loss than expected for the fourth quarter and predicting 2001 sales of $900 million to $925 million.

The stock was up $6.81 in shortly after the market opened, trading at $28.50 after closing Thursday at $21.68. Its 52 week high is $137.81; the low $16.50.

The company, reporting after the bell on Thursday, said revenues for the fourth quarter totaled $191.4 million compared with $16.9 million for the loss of $11.7 million, or 8 cents per share, for the 1999 quarter. Analysts had predicted a loss of 8 cents a share this time around.

For the year, revenues came to $401.7 million, compared to $33.5 million in 1999. Net loss for the 12 months was $344.9 million, compared to a loss of $63.3 million in the prior year. Fully diluted net loss per share for the full year 2000 came to $2.05, compared to a loss of 74 cents a year ago.

"We believe Commerce One's results for the quarter and the year reflect the significant and continuing demand for e-marketplace solutions," said Mark Hoffman, chairman and chief executive officer.

CFO Peter Pervere was quoted as telling analysts in a conference call to expect sales of between $205 million to $210 million in the first quarter, high above the current estimate of $184 million, and a loss of between $7 million to $9 million.

"In an environment where most software companies have been cautious on their guidance, Commerce One was enthusiastically optimistic," Reuters quoted Mark Verbeck, a senior analyst at San Francisco-based Epoch Partners, as saying.