Netscape has reported better than expected first quarter earnings, on revenues more than doubled to $120.2 million from $56.1 million a year ago.
The company, which is in the process of moving to a new line of corporate software that will compete with groupware and email products from IBM, Lotus and Microsoft, topped analysts' estimates by a cent, reporting first quarter earnings up almost 120 per cent to $7.9 million or nine cents a share. In the same period a year ago Netscape reported earnings of $3.6 million, or four cents a share.
Before earnings were announced the company?s stock jumped 10 per cent on the Nasdaq exchange to close at $27.50 yesterday.
?Netscape?s server business continues to grow, especially in the email and groupware arena, positioning us well for the scheduled release of Netscape Communicator and Suitespot 3.0 in the second quarter,? said Jim Barksdale, president and chief executive officer.
Analysts say the second quarter will be decisive for Netscape as it begins shipping its new products. The company?s stock has fallen about 60 per cent since December on fears that its Navigator product is losing out in the browser market to Microsoft's Internet Explorer. Microsoft claims its share of the browser market jumped to 30 per cent in the first quarter from 12 per cent a year earlier.
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