July 18, 2001, 12:00 AM

CyberSource revenue grew 9% in Q2, transaction volume reached record

CyberSource Corp.’s revenue reached $7.8 million in the second quarter. Processing volume hit a record 60.8 million transactions in the quarter.

Mountain View, CA-based CyberSource Corp., a provider of risk management, electronic payment and Internet fraud detection solutions for multi-channel retailers, reported that its revenue grew 9% in the second quarter to $7.8 million from $7.1 million in Q2 2000. For the six-month period ended June 30, revenues increased 12% to $15.5 million, from $13.8 million for the six month period ended June 30, 2000.

Pro forma net loss for the second quarter of 2001 was $9.2 million, compared to a net loss of $10.3 million in the second quarter of 2000. The pro forma net loss for the first six months of 2001 was $19.9 million, compared to $18.4 million for the first six months of 2000. Actual net loss for the first six months of 2001 includes a restructuring charge of $3.3 million recorded in the first quarter related to the reorganization of the company.

The company also reported that it processed a record 60.8 million transactions in the second quarter, a 75% increase over the second quarter 2000 transaction volume of 34.7 million. The previous record for transaction volume was 58.7 million in the fourth quarter of 2000. During the first six months of 2001, the company processed 117.6 million transactions, compared to 58.9 million in the first six months of 2000.

"Our transaction business continues to be a key differentiator and a very predictable revenue stream for CyberSource," said Bill McKiernan, chairman and CEO of CyberSource. "In today`s challenging market environment of reduced and/or frozen corporate IT budgets our outsourced transaction model resonates with businesses that are looking to conserve capital. As an indication of the strength of this business, CyberSource has processed authorizations for credit card purchases totaling approximately $1 billion per month for the first half of 2001.”

CyberSource today announced that Michael Hall has joined the company as vice president of worldwide sales. Hall joins the company from Mercury Interactive where most recently he was vice president of hosted services sales.


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