Priceline.com generated $482.4 million in revenue in 1999, its first full year in operation, and has set a target of $1 billion for 2000 based on early first-quarter results.
The Internet pricing service also reported a net loss of $59.4 million for the year. In 1998, the firm reported $35.2 million in revenue, and had a net loss of $44.4 million.
The Norwalk, CT-based company had a particularly strong fourth quarter. It reported revenue of $169.2 million for the quarter that ended on Dec. 31, 1999, compared with $19 million for the same period in 1998.
It also reported a fourth-quarter operating loss of $12.7 million, compared with $12.9 million year, and a net loss of $10 million. In 1998, the firm had a fourth-quarter net loss of $12.7 million.
Priceline.com, which allows consumer to name their own prices for travel, automotive and home-finance products, added 982,000 unique customers in the fourth quarter, adding to a total of 3.8 million customers.
CEO Richard S. Braddock said in a statement that the firm had “continued to deliver on our commitment to steadily reduce our operating losses and improve our operating margins on the way to profitability.”
Braddock predicted a 30% revenue increase from the fourth quarter of 1999 to the first quarter of 2000. “More importantly, we have established a target of $1 billion of revenue for the year 2000, which is more than double our revenue in 1999,” he said.
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