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Tudou posts 2nd quarter net loss due to high cost
By Ding Yining |
August 6, 2012, Monday
|
Online Edition
Online Edition
SHANGHAI-BASED online video site Tudou reported a second-quarter net loss of 154.7 million yuan as it suffered from high cost of premium licensed content.
Tudou said the net loss in the three months ended June 30 widened to 154.7 million yuan (US$24.4 million) from 78.9 million yuan in the same period last year, according to its filing to NASDAQ.
Revenue added 47.3 percent year-on-year to 171.9 million with online advertising making up 88 percent of its total earnings.
In the second quarter, advertising income at domestic video sites nearly doubled from a year ago to 1.92 billion yuan, according to Beijing-based research firm Analysys International.
Tudou's cost surged 123.2 percent to 191 million yuan due to high Internet bandwidth cost and high-quality licensed content to lure viewers.
NASDAQ-listed Tudou is pending on shareholders' voting for its merger with China's largest video site Youku.
New York Stock Exchange-listed Youku announced in March the two companies will merge in a US$1 billion share swap deal and Tudou will be delisted in the third quarter this year.
The two companies will form a new entity called Youku Tudou Inc and each will keep independent sales and marketing team.
Tudou said the net loss in the three months ended June 30 widened to 154.7 million yuan (US$24.4 million) from 78.9 million yuan in the same period last year, according to its filing to NASDAQ.
Revenue added 47.3 percent year-on-year to 171.9 million with online advertising making up 88 percent of its total earnings.
In the second quarter, advertising income at domestic video sites nearly doubled from a year ago to 1.92 billion yuan, according to Beijing-based research firm Analysys International.
Tudou's cost surged 123.2 percent to 191 million yuan due to high Internet bandwidth cost and high-quality licensed content to lure viewers.
NASDAQ-listed Tudou is pending on shareholders' voting for its merger with China's largest video site Youku.
New York Stock Exchange-listed Youku announced in March the two companies will merge in a US$1 billion share swap deal and Tudou will be delisted in the third quarter this year.
The two companies will form a new entity called Youku Tudou Inc and each will keep independent sales and marketing team.
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