Verticalnet results dash profitability hopes

NEWS Losses increased to $28.5m - 32 cents a share. While the loss is down on third quarter results of $29.9m, it did not meet analysts fourth quarter predictions of 19 cents a share. Revenue for the quarter was $40.7m. Analysts had predicted revenue of $81m for the quarter. Revenue for the corresponding quarter last year was $10.1m. The disappointing results come in the same week as industry rivals Ventro posted a 30-fold increase in fourth quarter losses. Verticalnet has now reassessed earning forecasts for this year, with losses for the first quarter of 2001 expected to be between $28.5m and $31.5m. Analysts had predicted a first quarter loss of eight cents a share. Revenue for the first quarter is expected to be between $34m and $37m. Full year losses are expected to be between $60m and $70m, with profitability returning in the fourth quarter of 2001. Analyst had expected the company to post an operating profit of ten cents for the whole year.