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GSI Commerce shares jump after strong 1Q results

By Associated Press
April 24, 2008 | Comments (0)

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Shares of GSI Commerce soared Thursday in the heels of better-than-expected first-quarter results from the company, which runs Web sites for retailers.

King of Prussia, Pa.-based GSI Commerce Inc. said Wednesday its revenue jumped 34 percent to $195.5 million for the quarter ended March 29. Adjusted income from operations was $700,000, better than the company had expected.

GSI expects 2008 sales to of about $1 billion, above average analyst estimates of $991.5 million, according to a poll by Thomson Financial.

Stifel Nicolaus analyst Scott Devitt, who has a "Hold" rating on the stock, says its business is holding up despite the economic slowdown.

GSI's shares are up $2.69, or 23.6 percent, to close at $14.07.

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