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BtoB

VerticalNet reports sharp losses for year, 4th quarter

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Horsham, Pa.--VerticalNet, a developer of online content and commerce portals for vertical industries, reported a steep loss for 1999, despite increasing revenue. VerticalNet reported a net loss of $53.5 million for 1999, compared with a net loss of $13.6 million for 1998. Net revenue for 1999, however, increased to $20.8 million, from $3.1 million in 1998. VerticalNet reported a net loss of $15.3 million for the fourth quarter, compared with a net loss of $5.3 million in the year-earlier period. Net revenue for the fourth quarter of 1999 increased to $10.1 million, from $1.3 million in the year-earlier period. The company said its storefronts, which are e-commerce sites created by VerticalNet for its customers, increased 121% in 1999 to 2,903. VerticalNet also announced a 2-for-1 stock split for shareholders of record on March 17, 2000.
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