European Internet recruitment firm StepStone announced lower than expected fourth-quarter losses today and said it was on track for long-term profits but left analysts worried over sales growth.
StepStone, which operates in 18 countries, said that it had an operating profit in Scandinavia in the fourth quarter for the first time. But it had no plans to expand to new nations in 2001 after growing from five nations in 1999.
StepStone beat analysts forecasts with a fourth-quarter pre-tax loss of euro 38.8 million, against a loss of euro 43.2 million in the third quarter and a loss of euro 13.7 million for the fourth quarter of 1999.
Revenues rose to euro 19.8 million in the fourth quarter from euro 14.1 million in the third and from euro 3.8 million in the fourth quarter of 1999.
For the full year, losses widened to euro 133.6 million from euro 24.2 million. StepStone said this week it was axing some jobs in Britain and moving others to India.
Reuters