China Finance Online Co. Ltd (JRJC) Tuesday said it slipped to a loss from the same quarter a year ago, hurt by an increase in expenses. Revenues and gross margin for the first quarter, however, increased from the same quarter a year ago.
For the first quarter, GAAP net loss attributable to the company was $128 thousand or $0.01 per ADS, compared to net income of $3.509 million or $0.15 per ADS in the same quarter a year ago.
On average, three analysts polled by Thomson Reuters expected first-quarter earnings of $0.03 per share.Analysts' estimate typically exclude special items such as one time charges or gains.
Non-GAAP net income attributable for the company dropped to $1.620 million or $0.08 per ADS from $5.875 million or $0.26 per ADS in the same quarter last year.
The company said non-GAAP net income attributable to China Finance Online Co. Limited per share was $0.02 for Q1 2009, and non-GAAP net income attributable to China Finance Online Co. Limited per ADS was $0.08 for Q1 2009.
The company, however, recorded an increase in gross margin to 87% from 82% in the first quarter of last year.
Loss from operations for the first quarter of 2009 was $207 thousand compared to income from operations of $1.97 million for the same quarter of 2008.
Net revenues for the first quarter increased 6% to $11.755 million from $11.055 million in the comparable quarter last year exceeding the high end of the company's previous revenue guidance that ranged from $10.5 million to $11.5 million for the first quarter. The Street estimated revenues of $11.24 million for the first quarter.
Operating expenses for the first quarter increased to $10.50 million from $7.36 million in the same quarter a year ago, mainly hurt by increases in sales and marketing expenses as well as product development expenses.
JRJC closed Tuesday's trading at $13.54, up $1.00 or 7.97% on a volume of 405k shares on the Nasdaq. In the after hours trading, the stock further gained $0.15 or 1.11%, trading at $13.69.
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