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Youku Tudou reports narrowed loss
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Youku Tudou Inc posted narrower losses in the second quarter as revenue rose after the country's two top video sites completed merger last year.
Net loss was down 40 percent form a year ago to 105 million yuan (US$16.9 million) and sales were 754 million yuan, up 30 percent from the same period a year ago, according to a stock exchange filing today. Advertising income was 726.6 million yuan.
"The number of daily video viewed on mobile devices more than doubled in the first half the year and we're extending our presence in multiple screens to consolidate our position," Chairman and Chief Executive Officer Victor Koo said in a statement.
Youku and Tudou announced their merger plan in March last year in a US$1.04 billion share-swap agreement.
China's online video market grew 43 percent from a year ago to 2.85 billion yuan in the second quarter this year, and mobile advertising has become a major driver behind growth, according to Internet consultancy iResearch Inc.
Youku Tudou expects revenue to be between 830 million yuan and 870 million yuan in the third quarter.
Video sites and Internet giants has been driving acquisition deals to secure a place in the highly competitive online video market.
China's largest search engine Baidu in May acquired online video software PPS Net TV for US$370 million to merge with its video arm iQiyi in order to fend off strong rivals and strengthen its mobile business.
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