PSINet Inc, the Herndon, Virginia-based internet service provider is slowly reigning in its continuing losses as revenues build. Third quarter net losses to September 30 came in at $10.7m, down from losses of $12.5m last year while revenue grew 32.2% at $32.0m. Corporate accounts grew 53% from the year ago figure to 23,000 and one third of these accounts are now outside the US, emphasizing the company’s bid to become more international in its offerings. Good revenue growth occurred in Europe, Canada and Japan the company said. PSINet has yet to break into a profit in its two and a half years on the Nasdaq exchange and the shares have been dragged steadily lower and lower by impatience with heavy losses. The stock has fallen from its all time high of $25 two years ago to just over $8, and the company’s beginning to look like a good acquisition target.
