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Youku posts widened loss
By Ding Yining |
May 18, 2012, Friday
|
Online Edition
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.
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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