Commerce One, Inc. (Nasdaq: CMRC) plunged 11 1/4 to 55 5/16 Wednesday, despite a second-quarter report that was better than analysts had expected. The stock had gained more than 70 percent last week in anticipation of strong results.
The operator of B2B e-commerce sites said revenue for the quarter soared to $62.7 million from $4.2 million in the same quarter last year, while the loss before non-operating charges narrowed to $16.2 million, or 10 cents per share, from $9.7 million, or 9 cents. The company posted a net loss of $43.1 million, or 28 cents per share, compared with a loss of $11.8 million, or 11 cents.
Analysts had predicted the company would lose 13 cents per share in the latest quarter. The company added 85 new customers during the quarter, bringing the total to 210.
The Pleasanton, California-based Commerce One says its Global Trading Web, a network of open e-marketplaces, is the largest B2B trading community in the world.