Internet payment company Cybercash has issued a profits warning for its second fiscal quarter, blaming the slow take up of its Agile Wallet and Instabuy technologies for the shortfall.
The company said it expected net losses to be sharply higher than analysts' predictions, coming in at between $0.53-0.56. The First Call analysts' consensus estimates had put them at between $0.36-0.42.
Although Agile Wallet and Instabuy have been on the market for almost a year, James Condon, Cybercash's president and chief operating officer, said it would take "several quarters to achieve predictability of revenues".
He continued: "Management is heavily focused on pursuing market share for our Agile Wallet. The technology is the platform for a growing number of services for consumers, merchants and banking partners. We will invest aggressively in the development of this technology."
When it launched the technology last year (see VNU Newswire, 21 August, 1998), Cybercash claimed it would 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. The firm stores the information centrally and it is secured by a financial institution.
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