PSINet may finally be staunching its haemorrhage of red ink.
The pioneer in selling commercial access to the Internet has released its earnings for the second quarter, which show the company may finally turn a profit by early next year.
The company's sales were up, while losses narrowed somewhat. Revenue was $29.5 million (#18.4 million), up 15% from the $25.6 million in the first quarter of this year and up 46% from the same time last year. The loss for the second quarter was $11.3 million, or 28 cents per share, compared with a loss of $10.9 million, also 28 cents per share, a year ago. The sale of investments brought in $1.8 million, which whittled the loss by five cents per share, the company said.
Now PSINet has installed equipment at 350 key access points to the Internet - with 128 of those so-called "points of presence" located internationally - it can begin seeking a critical mass of customers.
The company primarily sells Internet access along with electronic capabilities, web site design and hosting, and intranet hosting primarily to large companies.
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