Tudou Holdings Limited (TUDO: Quote) reported that its second-quarter net loss attributable to ordinary shareholders widened to RMB154.7 million or US$24.4 million from a net loss of RMB 88.3 million in the corresponding period in 2011. Loss per ADS for the quarter narrowed to RMB 5.34 or US$0.84, from RMB 29.44 per ADS last year, reflecting higher share count for the quarter.
Adjusted net loss for the second quarter 2012, which excluded share-based compensation expenses, was RMB144.8 million or US$22.8 million, compared to an adjusted net loss of RMB37.2 million in the corresponding period in 2011, which excluded share-based compensation expenses and fair value changes in warrant liabilities.
Operating expenses for the second quarter 2012 were RMB135.8 million or US$21.4 million, compared to RMB86.7 million in the corresponding period in 2011. The increase was primarily due to merger related expenses of RMB23.7 million or US $3.7 million resulting from the Company's pending transaction with Youku Inc.(YOKU: Quote) and an increase in sales and marketing expenses, mainly as a result of the Company's hiring of additional sales professionals and enhanced promotion and marketing efforts.
Net revenues for the second quarter 2012 increased by 47.3% to RMB171.9 million or US$27.1 million from RMB116.7 million in the corresponding period in 2011, driven by increases in online advertising service revenues, mobile video service revenues and other (sub-licensing) revenues.
Analysts polled by Thomson Reuters expected the company to report a loss of US$0.39 per share on revenues of US$33.40 million for the quarter. Analysts' estimates typically exclude special items.
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by RTT Staff Writer
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