Feeds

QXL share price slumps

Needs £30m just to keep going

  • alert
  • submit to reddit

The essential guide to IT transformation

Online auctioneer QXL has seen its share price slump by over 22 per cent on the news that it needed to raise an extra £30 million to stay in business.

Tech stocks haven't been having an easy time of it recently but QXL has the unenviable moniker of being the worst performing European Internet stock this year. At the start of the year, its share price stood at 117.38. It currently rests at 1.19.

The money is being raised privately through Credit Suisse First Boston Equities. It will help QXL stay in business - the £45 million it has left will be used up next year - and push towards its planned profitability in 2003, but the City wasn't impressed and at one point the share price was down 30 per cent.

QXL also announced a pre-tax loss of £66.3 million for the quarter, compared with £11.7 million the previous quarter. This was down to a £53 million goodwill item. ®

Secure remote control for conventional and virtual desktops

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Kaspersky backpedals on 'done nothing wrong, nothing to fear' blather
Founder (and internet passport fan) now says privacy is precious
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Facebook, Google and Instagram 'worse than drugs' says Miley Cyrus
Italian boffins agree with popette's theory that haters are the real wrecking balls
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
Sit tight, fanbois. Apple's '$400' wearable release slips into early 2015
Sources: time to put in plenty of clock-watching for' iWatch
Facebook to let stalkers unearth buried posts with mobe search
Prepare to HAUNT your pal's back catalogue
prev story

Whitepapers

Endpoint data privacy in the cloud is easier than you think
Innovations in encryption and storage resolve issues of data privacy and key requirements for companies to look for in a solution.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Advanced data protection for your virtualized environments
Find a natural fit for optimizing protection for the often resource-constrained data protection process found in virtual environments.
Boost IT visibility and business value
How building a great service catalog relieves pressure points and demonstrates the value of IT service management.
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.