LONDON (Brand Republic) - Priceline.com, the “name your own price” online retailer, has reported a fall in revenue in the last quarter of 2000.
However, the news was softened by a $50m (£34.4m) investment from its Hong Kong-based venture partner Hutchison Whampoa, which bought 24m Priceline shares at $2.10 (£1.45) each.
Priceline revenues in the quarter ending December 31 fell to $228m (£156.9m), compared with $341m (£234.6m) in the previous quarter, and net loss excluding charges increased from $2.2m (£1.5m) to $25m (£17.2m).
The company blamed the revenue shortfall on negative publicity after the closure of Priceline affiliate WebHouse Club, which allowed consumers to bid for petrol and groceries, in October 2000.
www.priceline.com