Youku Tudou Inc. (YOKU) reported that its third-quarter Consolidated net loss was RMB91.5 million or US$14.6 million compared to a net loss of RMB47.5 million or US$7.6 million for the same period in 2011. The wider loss was primarily due to Youku as the holding company recorded Tudou's incurred loss after the completion of the merger.
Consolidated loss per ADS, each representing 18 Class A ordinary shares, for the third quarter of 2012 amounted to RMB0.67 or US$0.11.
Consolidated non-GAAP net loss was RMB37.7 million or US$6.0 million in the third quarter of 2012. Youku's non-GAAP net profit was RMB25.3 million or US$4.0 million in the third quarter of 2012, as compared to the non-GAAP net loss of RMB28.2 million or US$4.5 million in the corresponding period in 2011.
The change to profitability at the operational level was due to strong revenue growth and cost savings from bandwidth and personnel-related expenses.
Consolidated net revenues were RMB502.2 million or US$79.9 million, of which Youku's net revenues were RMB483.5 million or US$76.9 million in the third quarter of 2012, representing an 84% increase from the corresponding period in 2011.
The growth was primarily attributable to the increased average spending per advertiser from RMB 1.0 million to RMB1.7 million and increased number of advertisers from 296 to 316, representing an increase of 70% and 7%, respectively, from the corresponding period in 2011.
On August 23, 2012, the Company and Tudou Holdings Limited announced the completion of the merger between Youku and Tudou. Following the completion of the merger, Youku's name was changed from "Youku Inc." to "Youku Tudou Inc." and Tudou's financial results were consolidated into the Company from the date of the completion of the merger.
For the fourth quarter of 2012, the company expects net revenues will be between RMB610 million and RMB630 million, with advertising net revenues grow by RMB560 million to RMB585 million.
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