B2B marketplace operator FreeMarkets, Inc. (Nasdaq: FMKT) rose 5/8 to 54 1/8 Tuesday after beating analysts’ earnings estimates for the second quarter by 7 cents per share.
The Pittsburgh, Pennsylvania-based e-marketplace company posted a net loss before items of $12.8 million, or 34 cents per diluted share, compared with a loss of $3.27 million, or 23 cents, in the year-earlier quarter. Revenue rose 363 percent from a year earlier to $19.4 million.
According to Chairman and Chief Executive Officer Glen T. Meakem, market volume, gross margin and customer additions all rose more than expected.
FreeMarkets’ e-marketplace saw 1,400 auctions conducted during the quarter, covering $2.189 billion worth of materials and services. Market volume rose 62 percent from the first quarter and 432 percent from a year earlier, the company said.
The number of customers using the marketplace rose to 64 in the quarter from 13 a year earlier, and the number of suppliers increased by 1,500 to more than 5,600.