Youku posts widened loss

By Ding Yining | May 18, 2012, Friday |

Online Edition

CHINA'S largest video site Youku reported a widened losses in the first quarter, although its income more than doubled after merging with archrival Tudou in March this year.

Net loss rose to 156.1 million yuan (US$24.8 million) from 46.9 million yuan in the same period a year ago, the company said in a statement yesterday.

Advertising income pushed up its sales in the three months ended March 30 to 270.2 million yuan, an 111 percent rise from a year ago. Spending on licensed movie and TV series was 113 million yuan in the first quarter.

Youku took over archrival Tudou through a share swap deal valued at US$1.04 billion in a bid to cut soaring content cost and to keep its dominant position among other market players like Sohu Video and Baidu's online video arm iQiyi.

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Youku posts widened loss

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