"Cobalt Networks is the latest Linux-related company to
catch Wall Street's imagination. After going public at $22 per
share on Nov. 5, the thin-server maker has seen its stock jump 620%
to $160 and is rising...."
"We are certainly flattered by the valuation being put on us,
and now we have to work hard to deliver on the promise," says
Stephen DeWitt, president and chief executive officer of the
company, which had sales of $13.8 million in the first nine months
of 1999. Cobalt lost $13.7 million over those three
"Investors are betting that Cobalt will own this space and have
accorded a $4 billion valuation on the company. Interestingly,
Cobalt has sold only 17,000 appliances for about $2,000 each in its
three-year life. The stock market, however, is putting a value of
$236,000 on each device it has sold so far despite the fact that
this remains a very crowded marketplace."
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