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Focus Media drops on weak earnings
By Ding Yining |
November 23, 2010, Tuesday
|
Online Edition
Online Edition
OUTDOOR digital advertising firm Focus Media Holding Ltd lost 5.5 percent to US$24.02 in after-hour trading on NASDAQ on lower-than-expected income in the third quarter.
Shanghai-based Focus Media said revenue for the three months ended September 30 was US$137.4 million, lower than the US$142.8 million estimate of analysts polled by the Reuters.
The net income was 13 percent lower from US$166.6 million in the same period last year.
Focus Media has been eyeing expansion for LCD display network in third and fourth-tier cities to secure revenue stream.
Its LCD displays and in-elevator digital frames have been installed in more than 90 cities in China by the end of September. The company plans to raise its market share of in-elevator advertising network to 80 to 85 percent from the current 70 percent.
Shanghai-based Focus Media said revenue for the three months ended September 30 was US$137.4 million, lower than the US$142.8 million estimate of analysts polled by the Reuters.
The net income was 13 percent lower from US$166.6 million in the same period last year.
Focus Media has been eyeing expansion for LCD display network in third and fourth-tier cities to secure revenue stream.
Its LCD displays and in-elevator digital frames have been installed in more than 90 cities in China by the end of September. The company plans to raise its market share of in-elevator advertising network to 80 to 85 percent from the current 70 percent.
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