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Priceline Zooms

April 27, 1999|Bloomberg News

Priceline.com Inc. said Monday that more than a million consumers used its Internet site to bid on airline tickets, hotel rooms and other products in its first year of service--sending its shares rocketing $32.75 to a record $120.75 on Nasdaq.

The Stamford, Conn.-based company couldn't say how many of the 1 million consumers who bid on items at its Web site actually bought products. But investors didn't seem to care.

The retailer reached the 1 million mark faster than leading online auctioneer EBay Inc., analysts said. Priceline.com said its site is adding an average of 300,000 different users a quarter.

The company has expanded from airline tickets into services such as home loans and is testing auto sales in some markets.

"When people realize how quickly the number and size of the transactions are accelerating--for a company that didn't bring in any revenue until 12 months ago--it's really staggering," said analyst Sara Zeilstra of Warburg Dillon Read, who rates the stock a "buy."

Priceline.com went public last month at $16 a share.

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