SAN FRANCISCO NextCard Inc., which plans to release third-quarter earnings Wednesday, said it expects to report revenues of at least $55 million, which would be above expectations and more than 500% bigger than the year earlier, as well as up 60% from the previous quarter.
The company also said Friday that it would report a smaller-than-expected net loss for the third quarter and that the favorable trend in revenues would probably continue into the current quarter and 2001. NextCard said it is on track to break even in the fourth quarter of 2001.
The three-year-old online credit card issuer said it has more than $1 billion of credit card receivables and 500,000 customer accounts. Both are 100% increases in the past six months.
NextCards achievement of these milestones is further validation that our business model for credit card issuance on the Internet is clearly working, said John Hashman, president and chief executive officer. We reached these major business milestones ahead of expectations by adhering to a calculated growth plan, smart direct marketing and customer acquisition, development of our profile-based pricing system, and meticulous risk management.