Pets.com, Inc. (Nasdaq: IPET) fell 9/16 to 2 9/16 Tuesday after the company reported a first-quarter net loss of $39.1 million, or $2.54 a share, on sales of $7.7 million. Analysts were expecting a loss of $1.65 a share, according to Zacks Investment research. Year-earlier results are not comparable, because the company completed its initial public offering in February.
Pets.com said it ended the quarter with more than $70 million in cash, strengthened by the proceeds from the IPO. The number of customers rose about 144,000 to 264,000 since the end of the fourth quarter.
Still, the company’s stock price has suffered, along with those of other niche e-tailers. Pets.com went public at $11 in February, briefly traded at the $14 level, and then plunged. The San Francisco, California-based company has agreements with Yahoo! (Nasdaq: YHOO) and PetPlace.com, and enjoys financial backing from Amazon.com (Nasdaq: AMZN).