Sapient 2Q beats Street

August 1, 2000: 6:14 p.m. ET

Internet consulting firm's second-quarter revenue nearly doubles

NEW YORK (CNNfn) - Sapient, a consultant on Internet strategy, reported Tuesday a second-quarter profit that beat the analysts' estimate and revenue that nearly doubled from a year ago.

After the markets closed Tuesday, Cambridge, Mass.-based Sapient (SAPE: Research, Estimates) reported pro-forma earnings -- excluding the amortization of intangibles, acquisition costs and a stock based compensation charge -- of $15.6 million, or 23 cents per share, compared with $8.2 million, or 13 cents, in the year-ago quarter. Revenue for the quarter ended June 30 rose 96 percent to $125.8 million from $64.2 million in the year-ago quarter.

Analysts surveyed by First Call had expected the company to earn 20 cents per share in the quarter.

Sapient stock closed down 9-7/8 at 103-7/8. But in after-hours trading following the earnings release, the shares rose 6-7/8 to 110-3/4.

"In the second quarter, Sapient expanded globally and continued to apply its expertise in strategy, user experience, design, and technology to benefit clients, especially in new areas like wireless and broadband," said Jerry Greenberg, Sapient's co-chairman and co-chief executive officer, in a news release.

Sapient also declared a 2-for-1 stock split, which is scheduled to be paid on Aug. 28, to shareholders of record at the close of business on Aug. 14, 2000.

In addition, Sapient was added to the Standard & Poor's 500 index during the second quarter, making it the first e-services consultancy firm to join the ranks of the blue chip S&P stocks.