Stock Watch: Q1 Loss Pounds Niku
05/22/00 12:00 AM PT
Niku Corp. (Nasdaq: NIKU) fell 4 3/4 to 21 1/2 Friday after reporting a wider loss for the first quarter.
The Redwood City, California-based e-commerce company said revenue for the quarter rose to $8.6 million from $400,000 in the same quarter last year, though the net loss widened to $26.9 million, or 54 cents a share, from $2.4 million, or 42 cents. Before special items, the company lost $13.1 million, or 19 cents a share, compared with $2.0 million, or 7 cents.
Chairman and Chief Executive Officer Farzad Dibachi said the company is "bullish" on the market for its products and its position in the market.
Niku went public in February at $24 a share, raising about $205 million after expenses. The company provides Internet software and operates an online marketplace for the sourcing, management and delivery of professional services.