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PSINet beats estimates
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August 8, 2000: 9:29 a.m. ET
ISP posts 2Q loss of $1.32 a share, edging forecasts by a penny
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NEW YORK (CNNfn) - Internet service provider PSINet posted a narrower-than-expected second-quarter loss Tuesday on a 125 percent revenue gain from the year-ago quarter.
Ashburn, Va.-based PSINet (PSIX: Research, Estimates) lost $215.6 million, or $1.32 per diluted share, compared with a loss of $62.4 million, or 51 cents per diluted share, a year earlier.
Analysts polled by First Call expected the company to lose $1.33 a share.
 Revenues jumped 125 percent to $248 million from $123.8 million. Web revenue grew 218 percent from the year-ago period and 59 percent from the first quarter 2000.
Excluding one-time items, the company lost $1.12 per share, compared with 51 cents per share a year ago.
The period from June 15 to June 30 includes contributions from PSINet Consulting Solutions, created when the PSINet acquired Metamor Worldwide Inc. for $1.98 billion. PSINet Consulting Solutions added $30.3 million in revenue, but also a $6.5 million loss.
"This quarter has been a turning point for PSINet," Larry Hyatt, executive vice president and CFO, said. "We have now completed our development form being simply an Internet access provider to a global Internet business solutions to companies, with a particular focus on complex managed Web hosting."
Shares of PSINet closed at 18-5/16, up 2-3/16 Monday. 
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PSINet
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