Chinese online video game company Youku.com Inc. (NYSE: YOKU) reported a net loss for the second quarter of RMB387.4 million ($9.9 million), but that its revenue nearly doubled from a year ago to RMB62.8 million ($61.0 million). That net loss was wider than the RMB28.1 million loss in the same period of last year. The loss per ADS came to $0.09. The results compare to the Thomson Reuters consensus estimates of a loss of $0.14 and revenue of $61.1 million.
“Despite challenging macroeconomic conditions, we recorded another quarter of strong revenue growth,” said Victor Koo, chairman and CEO. “The planned integration with Tudou is proceeding smoothly and we are on track to realize the potential of the combination of No. 1 and No. 2 online video platforms in China.”
For the third quarter of 2012, the company expects year-over-year growth of 70% to 80% in net revenues. That is unchanged from previous guidance.
Shares are trading up nearl 4% in premarket trading to $17.02. The 52-week trading range is $13.76 to $32.75. Thomson Reuters had a consensus analyst price target of $28.33 before this news.
Compeitors Baidu Inc. (NASDAQ: BIDU) and Sohu.com Inc. (NASDAQ: SOHU) are also higher in premarket trading.
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