FairMarket Inc. (Nasdaq: FAIM) rose 3/16 Thursday to 5 11/16 after announcing a 50 percent rise in revenue and a smaller-than-expected loss for the second quarter.
The Woburn, Massachusetts-based provider of online auction and shopping services said revenue rose to $3 million (US$), while the net loss before charges totaled $9.5 million, or 34 cents per share. Analysts were looking for a loss of 51 cents per share.
“We accomplished everything that we set out to achieve this quarter,” said Chief Executive Officer Scott Randall. “We continued to attract a large number of high-quality, new customers, increased revenue per customer, significantly expanded our business overseas, and strengthened our product offering. In the coming quarters, we will continue to focus on growing revenue, as well as containing expenses in a drive toward profitability.”
Cash at the end of the quarter totaled about $90 million, the company said.