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CyberSource takes $1.7 million charge as BidPay folds

20 December 2007  |  1749 views  |  0 Source: CyberSource

CyberSource Corporation (NASDAQ:CYBS), a leading provider of electronic payment, risk management and payment security solutions, today announced that BidPay.com, Inc., a wholly owned subsidiary that processes payments for online auctions, will cease operations effective December 31, 2007.

CyberSource expects to incur one-time charges totaling approximately $1.7 million to $2.7 million in the fourth quarter of 2007 related to the shutdown, of which up to $300,000 will impact the company's future cash balance.

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