Shares of Liberate Technologies Inc., an interactive television software provider, were up over 12 percent yesterday at $8 after the company announced late Wednesday that it beat out analysts' loss estimates for the third quarter, ending Feb. 28, 2001.
The company's net loss was $.09 per share, beating the expected loss of $0.12 per share.
The company said that it beat analyst expectations because it increased its subscriber base by over 42 percent to about 1.1 million. The subscriber boost was primarily attributed to a jump in deployments of interactive and digital television in European markets.
Liberate also provided projections for fiscal 2001 and 2002, and said it expects to reach profitability during the first half of 2003. As a result, most analysts upped their estimates of the company stock.
Revenues for the quarter were $14.4 million, up 92 percent from $7.5 million for the same quarter last year.
For the fiscal year ending May 31, 2001, the company expects revenues in the range of $50.1 million to $50.6 million, compared to $28 million in the fiscal year 2000. It also expects net loss per share for 2001 to fall between $0.35 and $0.37, compared to a loss of $0.52 per share for the fiscal year 2000.
Liberate shares hit a 52-week high of $86.50 on March 23, 2000.