Critical Path, Inc. (Nasdaq: CPTH) also benefited Thursday from strong results and analyst comments.
The San Francisco-based B2B messaging company said revenue for the quarter skyrocketed to $33.5 million from $2.0 million a year earlier. The loss before charges, however, widened to $20.2 million, or 34 cents per share, from $6.9 million, or 21 cents.
“Through increased penetration of the enterprise market and the market acceptance of key value-added products and services, we remain firmly on a path to profitability,” said Chief Executive Officer Doug Hickey.
The company signed contracts with more than 200 customers and partners during the quarter. Clients and partners include BNP Paribas, Yahoo!, eBay and Federal Express.
Some 30 percent of the new customers bought two or more services, adding such options as secure message delivery and IP fax to the basic e-mail package. However, Critical Path said it will cut an unspecified number of jobs and take charges totaling $7.2 million in the third quarter, covering the consolidation of new acquisitions.
The move will save about $14 million to $16 million a year, the company said.