In its second-largest acquisition, Amazon buys the company for $970 million.
Total sales increased year over year 35%.
Total sales grew for Geeknet Inc. in the third quarter. But it was e-commerce, the company’s biggest channel, that grew the fastest.
For the third quarter ended Sept. 30, Geeknet, which owns and operates ThinkGeek.com, No. 197 in the Internet Retailer Top 500, reported
- Sales for ThinkGeek.com, its online computer and related electronics web store, increased year over year 38.7% to $14.7 million from $10.6 million.
- Total revenue, which includes ThinkGeek and its media division, increased 34.0% to $19.7 million from $14.7 million in the third quarter of 2010.
- Net loss was $2.7 million compared with a net loss of $3.9 million in in the third quarter of 2010.
“Geeknet delivered a solid quarter heading into the important holiday season, executing against the company's business goals and staying on track to deliver profitable growth in 2011," says executive chairman Ken Langone.
E-commerce accounted for 74.6% of total sales compared with 72.1% in the third quarter of 2010.
For the first three quarters, Geeknet reported:
- Sales for ThinkGeek increased year over year 39.9% to $44.2 million from $31.6 million.
- Total revenue increased 33.9% to $59.7 million from $44.6 million in the first three quarters of 2010.
- Net loss was $7.2 million compared with a net loss of $9.2 million in in the first three quarters of 2010.
E-commerce accounted for 74.0% of total sales compared with 70.9% in the first two quarters of 2010.