Internet payment company Cybercash reported worse second quarter net losses than analysts had expected due to slow uptake of its electronic wallet technologies.
Revenues increased 70 per cent to $4.3 million for the period ended 30 June, but net losses rose to $10.96 million or $0.54 loss per share from losses of $9.6 million or $0.68 loss per share in the year ago period.
But the figures were in line with a profits warning issued two weeks ago (see Newswire, 15 July, 1999). Prior to the warning, the First Call analysts’ consensus had expected losses of between $0.36-0.46.
The company blamed the shortfall on “a delay in the recognition of revenues" from its Agile Wallet and Instabuy digital wallet technologies.
The wallets are intended to make Web shopping easier for consumers by enabling them to enter their credit card details only once, while being free to make repeat purchases at multiple Web stores with a single click.
Cybercash said it would continue to push the technology, however, and was offering its partners the opportunity to sign up for Instabuy free of charge until 1 October, 1999.
Cotton seedling freezes to death as Chang'e-4 shuts down for the Moon's 14-day lunar night
Fortnite easily out-earns PUBG, Assassin's Creed Odyssey and Red Dead Redemption 2 in 2018
Meteor showers as a service will be visible for about 100 kilometres in all directions
Saturn's rings only formed in the past 100 million years, suggests analysis of Cassini space probe data
New findings contradict conventional belief that Saturn's rings were formed along with the planet about 4.5 billion years ago