RUMOR MILL
Wednesday, May 3, 2000
TWENTY-THIRD VERSE,
SAME AS THE FIRST
CDnow Reports First Quarter Losses Up,
Oh Yeah, And Revenues Were Up Too
Oh Yeah, And Revenues Were Up Too
In what is becoming an all-too familiar song sung by most Internet sites, CDnow Inc. reported first quarter 2000 losses and revenues up.
CDnow reported its net loss for the quarter had almost doubled for the same period last year—$37.8 million, or $1.23 per share, from a loss of $19.1 million, or 96 cents per share, in the first quarter 1999. The net loss was $28.2 million, or 92 cents per share—four cents per share higher than what Wall Street analysts were forecasting.
However, revenues at the beleaguered e-tailer also increased nearly two-fold. CDnow reported revenues of $43.6 million, up from $21.9 million a year ago.
Shares in CDnow closed ahead of the news down 9.5% at $4.20.
Whether you view CDnow's glass as half-full or half-empty says a lot about you. Well, that and the bumps on your head.
