June 7, 2002 — (WEB HOST INDUSTRY REVIEW) — Managed services provider Loudcloud Inc. (Loudcloud.com) announced the results for its fiscal first quarter on Thursday, displaying a first-quarter loss that was half that of a year ago, following cost cutting and an increase in sales.
Loudcloud maintained its revenue and earnings targets for the second quarter and says it expects an increase in revenues from $56 million in fiscal 2002 to between $74 million and $78 million in fiscal 2003.
The company?s shares finished up more than 17 percent in trading on the Nasdaq following the announcement at $1.56, but were still significantly lower than their March 2001 IPO price of $6.
“We are pleased with our continued improvement in both the top and bottom lines,” said Ben Horowitz, President and Chief Executive Officer. “We again achieved sequential revenue growth and significantly improved our operating and EBITDA losses.”
Loudcloud?s announcement included a net loss of $30.4 million, or 46 cents per share, an improvement over the previous quarter?s loss of $33.7 million and a loss of $60.3 million in the quarter ending April 30, 2001.
The company?s total revenue for the quarter was $17.4 million, 50 percent better than last year?s result, and an improvement of 9 percent over the previous quarter.
Loudcloud also announced new contracts with a collection of new and existing clients, including Adidas, Cablevision, Fannie Mae, Freddie Mac, Propel, Sony, USA Today, the UK Government and the UK Post Office.
