Internet Capital Group Inc. (Nasdaq: ICGE) fell 1 3/16 to 30 7/16 Friday after the Wayne, Pennsylvania-based e-commerce investment company reported a wider loss for the second quarter. The company said it lost $186.9 million, or 70 cents per fully diluted share, compared with a loss of $11.2 million, or 6 cents, a year earlier.
President and chief executive officer Walter Buckley said the company is focused on “strengthening operations” and “accelerating execution” in its “growing partner company network.”
During the quarter, Internet Capital spent $417 million on acquisitions, and the company said it plans to continue to invest in new companies. The market for business-to-business e-commerce is “evolving rapidly,” said Buckley.
“Now is the ideal time to increase our ownership positions,” Buckley said. “We have made progress in the second quarter and believe the efforts we are putting in place today should benefit shareholders over the long term.”