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Youku Tudou may finally see some profit in Q4
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Youku Tudou Inc, China's largest online video site, expects to turn a profit in the fourth quarter as it has beefed up marketing and is receiving more ad revenue from mobile devices.
In the July-September period, the company reported a net loss of 15.4 million yuan (US$2.5 million), down 65 percent from the second quarter, according to the company’s filing to the New York Stock Exchange.
Revenue rose 14 percent quarterly to 857.7 million yuan and advertising income made up 87 percent of the company’s total earnings in the period.
Its mobile traffic surged to over 300 million views per day and the company said it will accelerate mobile monetization and attract more money from local advertisers and subscribers, Victor Koo, chairman and CEO of Youku Tudou, said in a statement.
The company expects its fourth-quarter revenue to reach 850 million to 900 million yuan, representing an annual growth of 35 percent to 42 percent.
New York-listed Youku acquired a smaller rival, Tudou, in August last year. Youku Tudou Inc now has a dominant 28.3 percent share of China’s online video market in terms of sales, according to research firm Analysys International.
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