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twitterLV tech firm’s stock slumps on earnings report
Wednesday, Nov. 14, 2001 | 9:43 a.m.
The stock of PurchasePro, a Las Vegas technology company, tumbled 35 percent this morning after the company on Tuesday reported a huge loss on asset write-downs and said business is struggling because of the slowdown in the U.S. economy.
Excluding special items, including $98 million in write-downs, PurchasePro lost $28.2 million in its third quarter ending Sept. 30. After special items, PurchasePro lost $106 million or $1.46 per share vs. a loss in the year-ago quarter of $8.2 million or 13 cents.
Revenue fell from $17.4 million to $3.6 million.
Last month, PurchasePro said it fired 125 employees, reducing its head count in half. PurchasePro's staff peaked above 600 last winter before its financial troubles unfolded, leading to massive layoffs.
PurchasePro stock fell 30 cents this morning to 55 cents.
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