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Priceline.com Cuts Revenue Forecast

June 27, 2002|Reuters

Online travel company Priceline.com Inc. lowered its revenue forecast due to slower June sales, sending its stock sliding more than 30%.

The news came just three weeks after the company reaffirmed its second-quarter outlook.

Priceline shares closed down 97 cents at $2.83 on Nasdaq after tumbling as low as $2.48, their lowest point since September.

Priceline, which lets Web surfers name their own price for air fares, said revenue for the quarter would be about 5% below $320 million--the low-end of what the company had previously anticipated.

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