by Christopher Freeburn | August 6, 2012 12:43 pm
China’s answer to Google’s (NASDAQ:GOOG) YouTube, Youku (NYSE:YOKU) reported a loss of $9.9 million during the second-quarter, almost double the $4.3 million loss it recorded during the same period last year.
Revenue, however, also roughly doubled to $61 million, up 96% from last year. That matched company estimates of revenue growth between 90% and 100% over 2011.
EPS for the quarter showed a loss of 9 cents. But that was better than the 14 cents that Wall Street expected, the Wall Street Journal noted.
The company forecasts revenue to grow between 70% and 80% during the current quarter.
Investors liked the news and sent shares of Youku up more than 8% in Monday mid-day trading in New York.
Youku has moved to shake off a reputation as a distributor of pirated media content. The company has signed deals to legally carry licensed content and recently acquired a competitor for $846 million, making it the largest Chinese streaming video vendor.
Source URL: http://investorplace.com/2012/08/youku-shares-jump-as-q2-loss-beats-estimates/
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