Stock Watch: Infospace Reports Surprising Profit

Shares of Internet infrastructure company InfoSpace.com (Nasdaq: INSP), continued their stellar run on Thursday, rocketing 27-1/2 to 167-1/2 one day after the company reported a surprising fourth-quarter profit. Infospace.com, which provides content and commerce solutions for affiliate sites, roared past analysts’ expectations by reporting net income of $5 million, or nine cents per fully diluted share. Analysts polled by First Call had expected InfoSpace.com to break even for the quarter.

Fourth quarter revenues rose to $14.4 million, compared to $4.1 million in the fourth quarter of 1998, and overall 1999 revenue. Overall revenue from 1999 increased 283 percent to $36.8 million, compared to the $9.6 million in 1998.

Shares of InfoSpace.com, which traded as low as 10 in the last year, have had a remarkable performance recently, and analysts remain high on the stock. On Thursday, Merrill Lynch upgraded InfoSpace.com to buy from accumulate.

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