By Chris Holbrook, 19 April 2001 16:11
NEWS StorageNetworks saw its revenues rise almost 500 per cent to $27.1m, up from $4.6m in the first quarter of 2000. The company reported a loss before deductibles of $22.1m, a 14 per cent reduction on the $25.6m reached in the fourth quarter of 2000.
Research firm Thomson Financial/First Call had predicted a loss of 37 cents a share from StorageNetworks, but the company managed to beat predictions by recording a 34 cents per share figure, compared with a loss of $1.09 cents a share in the comparable period last year.
The company has recruited Ken Fehrnstrom, formerly of data centre company Ensim, as president and COO.
StorageNetworks said it is on target to reach gross margin profitability by the fourth quarter of 2001, and operating profitability a year later.
The company's Nasdaq-listed shares closed up 19.31 per cent yesterday, ending the day at $12.05, well below a 52-week peak of $154.25 reached in July of last year.
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