Online direct marketer MyPoints.com reported net losses of $75 million for 2000, a 100% increase over 1999's $37.4 million in losses, on 2000 revenue of $63.5 million. Fourth-quarter revenue was $14.5 million, essentially flat compared with third-quarter revenue and a 9% uptick over the year-earlier period. Although MyPoints' existing base of advertisers remains steady, Lazard Freres & Co. reduced its 2001 projections for the company to $51 million in revenue from $74 million, representing a downturn from 2000 revenue. The investment research firm said MyPoints' future is uncertain given that it will have difficulty generating more revenue and breaking even. MyPoints stock closed at just under $1.50 on Wednesday, down sharply from its 52-week high of $70.50.
Copyright February 2001, Crain Communications Inc.