Shares of barnesandnoble.com (Nasdaq: BNBN) fell 5/16 to 18-11/16 on Thursday, but the company actually reported solid second-quarter results that should have investors encouraged. Second-quarter sales were $39.1 million, a 243 percent increase over the same period last year. The company lost 17 cents per share in the quarter, compared to 21 cents per share in the same quarter last year. The average estimate of analysts surveyed by First Call for the second quarter of 1999 was 24 cents.
In addition, the company said it is comfortable with analysts’ estimates for the rest of the year and that it expects a solid fourth quarter. Barnesandnoble.com also announced that it gained more than 500,000 customer accounts in the second quarter and now has a total of 2.2 million. On most days, barnesandnoble.com’s results would have boosted the stock price, but the selling pressure was just too fierce on Thursday.